Committee backs performance grant to support 400-unit affordable housing development at 2811 Ratty Street
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Summary
The committee voted to forward ordinance 2025-008 authorizing a performance grant between the EDA and developer 2811 Ratty Street LLC to support construction of 400 affordable units targeting 50%–80% AMI, with a stated total development cost of $77.5 million and a required $4 million capital investment escrow during the grant period.
The committee voted to forward ordinance 2025-008 to City Council recommending authorization for the CAO to execute an affordable housing performance grant between the Economic Development Authority and 2811 Ratty Street LLC (Ellington Capital Partners) to facilitate construction of 400 affordable residential units at 2811 Ratty Street.
Merrick Malone, director of Housing and Community Development, said the development would provide 400 units targeted to households at 50%–80% of area median income, with a total development cost of $77,500,000. Under the performance grant structure, the developer must provide evidence of a $4,000,000 capital investment escrow to support capital improvements during the 15‑year grant period; the developer seeks 4% low-income housing tax credits as part of its financing stack.
Malone noted a special-use permit related to the project will be required and will come before Council; the timeline for the tax credit application makes timely council action on the performance grant important. A public hearing had no speakers. Council Member Candice (recorded as Candice Kimmy in the transcript) moved to forward the ordinance; the committee clerk recorded Miss Lynch, Vice Chair Jones and Chair Robertson voting aye to recommend approval to Council.