Juneau, Alaska (KINY) - The Assembly introduced two ordinances that would sell land for a senior housing project and provide a $2 million grant to make the housing more affordable.
The city plans to sell eight lots near 3041 Clinton Drive to Torrey Pines Development to develop the senior housing project, the Riverview Senior Community.
They purchased the land in 2019 for $1.52 million.
Torrey Pines plans to develop 80 units of senior housing, assisted living and memory care. There will be 88 beds. The land will be sold at fair market value and repaid by the developer over a period of years.
The firm also requested a $2 million grant to help with construction costs. They claim the grant will help attract equity capital and investment, and ensure the rental rates remain low. Without the grant, the rental room rates would be up to 25% higher.
The $2 million would come from the general fund $1.6 million and the Juneau Affordable Housing Fund, of $400,000.
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