Housing Initiative Program (HIP)
Program Goal:
To incentivize and support the creation of eligible housing projects in Astoria by providing targeted financial assistance.
Award Amount:
$100,000 per housing project
Desired Project Characteristics:The Astoria City Council has designed this program to be flexible and responsive to the diverse needs of middle housing and multi-family development projects. While the program includes defined parameters, the Council has also identified a set of 'Desired Project Characteristics'. Projects aligned with these 'Desired Project Characteristics' can be provided greater flexibility to the standard program limits, including award amount, and funding mechanism. The “Desired Project Characteristics” are as followed:
- Housing Type: Multi-family housing project
- Number of Units Developed: Projects that develop more than 10 units.
- Award Per Number of Units Developed Ratio: $10,000 per unit.
- Projects that develop units at a workforce housing level.
Eligible Projects:
- Projects that serve workforce and affordable housing projects
- Middle Housing Projects
- Multi-family Housing Projects
- Fire life safety improvements to promote the conversion of underutilized commercial upper floors to vertical housing units. Examples of eligible improvements include:
- Sprinkler systems
- Egress upgrades
- ADA upgrades
- Feasibility stage uses for City owned/initiated projects.
Eligible Applicant:
- Any workforce/affordable housing developers
Eligible Uses
- System Development Charges (SDC's) Support
- Permit and Planning Fee Waivers
- Required off-site improvements
- Predevelopment work for City owned/initiated projects
Ineligible Applicants
- Single Family Homes
- Projects located in Astor East or Astor West Urban Renewal Areas
- Market Rate Housing Projects with no workforce or affordable housing elements
Funding Mechanism
- Low-interest loan:
- A loan intended to fill the “last dollar in” after other funding for the project has been secured. Interest rate ranges from 0% – 4%, depending on project type, risk profile, and alignment with City priorities. Repayment term up to 10 years, 0% - 100% of the loan can become forgivable (converted into a grant) based on the willingness of developers and property owners to meet the City of Astoria’s housing goals and enter an affordability covenant with the City placing a deed restriction on the property.
