On Monday, Richmond City Council officially passed a $3 million loan, using casino revenue, for rental subsidies at a planned 129-unit social housing complex.
The News previously reported the funding for the City Centre site was a cost overrun. However, Mayor Malcolm Brodie noted thereafter that the loan was planned. City staff initially asked developer Intracorp for cash, in lieu of building 29 affordable housing units, to fund the loan.
Many of the details of the project have remained private due to inter-governmental and inter-agency negotiations, said Brodie, who noted Monday the city has contributed $16.8 million from its housing reserve and developer contributions and about $7 million worth of land, which is expected to be leased at a "nominal" rate.
Last year, the city stated it had approved a "financial contribution" of $19.8 million for the project.
