Flagstaff Housing Authority Agenda Packet 2026-06-02
City Finalizes Forgivable Loan Terms for Elkwood Apartments
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Description
Flagstaff approved revised loan documents for a $528,000 forgivable Rental Incentive Bond Program loan to Elkwood Partners LP for the Elkwood Apartments project. The updates refine refinancing and control provisions while preserving a 50‑year affordability commitment for 22 units.
Contract Details
Contract Amount
$528,000
Vendor
ELKWOOD PARTNERS LP
Agency
Flagstaff Housing Authority, AZ
Contract Type
FINANCIAL_SERVICES
Document Date
May 30, 2026
Contract Term
Forgivable loan with 50‑year affordability compliance term
Renewal Date
2076-12-31
Renewal Info
Loan terms previously approved November 4, 2025; revisions do not change principal or basic forgiveness structure, which is contingent on 50 years of affordability compliance.
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