What: the Brownfield Redevelopment Authority's Emerging Developers grant program, created in 2023 to fund pre-development costs for new local developers, and possible changes to how it is funded and run.
Where it stands: staff described 22 grant awards across 30 parcels (about $3.2 million). No dollars were allocated to it last fiscal year, and no decisions on changes have been made. Staff floated a roughly $2 million partnership ask to the Affordable Housing Fund Board.
Next: the Affordable Housing Fund Board is deliberating and aims for a December decision on its investment portfolio.
Two business owners asked for an update on their pending applications, saying the City had said applications submitted before the program changes would be processed under the original program.
Staff reported 22 awards on 30 parcels, 20 of them anticipating housing (about 335 units and 211,000 square feet), with 86% in neighborhoods of focus; 12 projects are seeking other incentives or under construction. Ideas under discussion: narrowing the definition of an emerging developer, releasing funds incrementally, a dedicated carve-out, and a cap on project size. See also Land Bank Authority Affordable Housing Fund Request.