The money comes from the city’s affordable housing fund.
The Juneau Assembly unanimously approved more than $3.1 million in loans last week toward The first loan approved was for $900,000 and will go toward building 18 one-bedroom apartments on Cordova Street in West Juneau. The second loan is for $2.2 million and will help build 48 apartments at the Chilkat Vistas subdivision in Lemon Creek.
“Apartments don’t pencil out, and that’s why no developers build them in this town. But, with this money, you guys make it possible. It’s the only way it’s going to happen,” he said. Heumann agreed to similar terms for 14 of the Chilkat Vista apartments. He also agreed that 31 units would be available to people who make 80% or less than the Juneau Area Median Income, at a monthly rent of about $1,700 or less for an efficiency unit.Neither developer can use the apartments as short-term rentals until their 10-year loans are repaid.
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