The Longmont Housing Authority Board unanimously moved forward big financing pieces for two major housing projects on Tuesday.
The housing authority board, which is composed of Longmont City Council members, heard updates on the Zinnia Permanent Supportive Housing and Hover projects.
Zinnia, at 2000 Sunset Way, is a project currently underway to provide housing and supportive services to Longmont residents experiencing homelessness. As work continues, commissioners have approved certain subordinate loans for the project’s construction.
The housing authority will be loaning a total of $635,000 to Zinnia, including $350,000 from the American Rescue Plan Act and $285,000 from the Longmont Housing Development Corporation. The LHDC plans to dissolve and will be transferring all assets and loans receivable to the Longmont Housing Authority.
The housing authority’s loan will remain on its book until repayment.
The Hover project, which sits just east of Hover Street and south of 18th Avenue, behind the Walgreens, does not yet have a name as design is underway. On Tuesday, the housing authority commissioners approved the execution of the purchase and sale agreement of the parcel for affordable housing development.
The housing authority will use $800,000 of ARPA funds to purchase the property from the Longmont Housing Development Corporation.
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