Champaign Council and Bristol Place

There seems to be an obnoxious provision required for the federal funding, but I don't completely understand it. It may relate to this funding announcement and refer to this program. If I'm wrong it might at least get those looking for more information a starting point to keep looking. More Bristol Place project information on the City website here. From the News-Gazette coverage of last night's City of Champaign Council's regular study session meeting: 

Champaign council members raise concerns with Bristol Place details
Although unhappy with one aspect of the Bristol Place development, the city council is preparing for the affordable-housing neighborhood to break ground.

Council members on Tuesday discussed the requirement that a family must first rent a single family home for 15 years before being allowed to apply for a mortgage to buy it. Several of the officials said that’s too long of a period to wait.

“It’s really hard for people who don’t have anything and come from nothing,” said councilwoman Clarissa Nickerson Fourman. “Fifteen years seems like forever.”

But Kerri Wiman, the city’s neighborhood services director, said the Bristol Place project financially relies on federal low-income housing tax credits, which can’t be received unless the 15-year rental period is part of the deal.

The project’s developer — Jim Roberts with minority-owned, Chicago based AHDVS LLC — said that over the course of the 15 years, there will be education programs for renters — some of them mandatory — on topics including financial literacy, creating good credit and home maintenance. AHDVS plans to partner with local banks to administer the programs, he said...

The Bristol Place neighborhood is slated to be built between May 2018 and November 2019, Wiman said. The area is bordered by East Roper Street on the north, North Chestnut Street on the east, East Bradley Avenue on the south and North Market Street on the west.

Full article here.