Officials detail AHT subsidies and lender constraints as True North moves to phase 2

Officials described how AHT dollars are being used to support a mix of for-sale and rental affordable housing and flagged ongoing barriers in the lending market that affect buyer qualification. City staff quantified typical subsidies used to reach price points: "Depending on the level, there's a probably a 20 to $40,000 subsidy that goes into that. On the capital a affordable, there's a 100 to $120,000 subsidy," a staff member said, noting those figures respond to higher construction costs and market pressures.

Discussion also covered an innovation fund concept to help public-service employees buy homes, credit restrictions created by deed restrictions and the need to work with credit unions for underwriting in some developments. Staff said True North is moving into phase 2 and units are being filled, but interest rates and lender requirements remain significant obstacles to getting qualifying buyers into for-sale units. Several council and county members urged continued collaboration on down-payment assistance, underwriting support and targeted programs for municipal employees.