City approves funding agreement for new 42‑unit affordable housing community
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The City approved a resolution authorizing the Mayor to enter into an agreement for the development of New Stone Commons, a new 42‑unit affordable multifamily community to be constructed at 3450 Venona Avenue NW. The project is supported through the federal HOME Investment Partnerships Program – American Rescue Plan (HOME‑ARP), and the City will commit $2.3 million in grant‑funded HOME‑ARP resources to help expand affordable housing options for qualifying populations and low‑income households.
With Council approval, the agreement allows the City’s Community Development Department to partner with the developer as the project moves forward, ensuring compliance with all federal, state and local requirements. Once complete, New Stone Commons will provide long‑term, income‑restricted rental units and contribute to the City’s ongoing efforts to increase accessible, quality housing opportunities in northwest Huntsville.
