Funds from a half billion dollar capital improvements sales-tax initiative are earmarked for downtown residential development.
"Mayor Bill LaFortune said Tuesday that proposals will be taken to fund downtown residential projects, a move that he said will boost the continuing rebirth of the city's core area.
Funds can be used as a loan, equity investment or a similar arrangement, LaFortune said. The public funds should be expended within a three-year period, he added. The proposals should be for market-rate rental or owner-occupied housing. Officials are encouraging projects with mixed-use elements.
'As we see the revitalization move forward, we want to see the mixed-use environment,' LaFortune said. 'We want to see buildings with retail on the first floor, office on the second and then residential above. That is what is happening around the country when you see successful revitalization.'"
[Editor's note: This article is only available for a fee.]
Thanks to Jack Blair
FULL STORY: Mayor: Vision funds for downtown housing available
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