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The council unanimously approved up to $17 million in conduit financing for rehabilitation of three existing affordable housing properties and authorization of related agreements. The financing is intended to extend affordability contracts set to expire in 2027 by 15 years; the city will not assume the debt or be financially liable if the borrower defaults.
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The action supports continued affordability at three existing housing properties through rehabilitation and a 15-year extension of affordability requirements. Because the city is serving as a conduit issuer, the borrowing will not affect its credit rating, debt levy, or taxing authority. The council also approved a coordinated mental health response agreement scheduled to begin July 1, providing residents with an additional way to access care and support.
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