The Bloomington City Council voted 5-4 on Wednesday to accept $1,040,000 from a developer to end an agreement to provide affordable housing for the next several decades.
The Relato apartment complex struggled to fill its 52 units with people who qualified for lower-than-market-value rent. The units were for people who made too much for low-income housing and less than what’s needed to pay market prices.
Under the agreement, people currently occupying 25 units will be allowed to continue renting for below-market value as long as they qualify financially.
Councilmember Isabel Piedmont-Smith voted yes, saying the city benefits by keeping 25 units as workforce housing and can use the extra money to address other affordable housing needs.
“So, in a way, we’re getting more than we could’ve hoped to get in the first place under our old rules,” she said.
Money from the agreement goes to the city’s Housing Development Fund, which has other programs for affordable housing.
Read more: Indiana would add more money to fund aimed at reducing housing costs
This is how council members voted:
- Hopi Stosberg – No
- Isabel Piedmont-Smith – Yes
- Courtney Daily – Yes
- Sydney Zulich – Yes
- Kate Rosenbarger – No
- Isak Asare – Yes
- Andy Ruff – Yes
- Dave Rollo – No
- Matt Flaherty – No