FREMONT – The city of Fremont has opened up its purse again to support the conversion of an old motel into affordable housing, potentially bringing the amount the city has loaned to the project to more than $13.8 million.
Before the most recent loan, the city had loaned a total of $13,295,000 to the developer, which was mostly from federal and state funding. Other funding sources for the project, which will cost over $100 million, include grants provided by Alameda County and the California Housing Accelerator program, according to RCD.“Due to high inflation, interest rate increases and impacts such as higher costs for insurance, RCD recently identified a funding gap of approximately $8.
“If they don’t get the full funding that they applied for, then this money will kick in to help close the gap,” Fremont Housing Manager Lucia Hughes said in an interview.