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The City of Kingston has announced the launch of a new nonprofit aimed at developing affordable and mixed-income housing. Mayor Steve Noble revealed that the initiative, created in partnership with the Center for Public Enterprise, will offer construction loans through a revolving loan fund to facilitate housing projects. The goal is to spur the development of publicly owned housing, drawing on successful models from other areas that have supported over five thousand housing units.
Mayor Noble emphasized the importance of this initiative in addressing Kingston's housing needs. "To meet our ambitious housing goal of approving 1,000 housing units by 2029, we need to leave no stone unturned," he stated. The city has already implemented a new zoning code and passed legislation to encourage affordable housing development.
The nonprofit will focus on providing financial support to developers, particularly for multifamily projects that are shovel-ready. This approach is designed to overcome the challenges of high construction costs and interest rates, which often hinder housing projects. According to the City of Kingston, the model allows the city to create deeply affordable housing units with minimal public equity investment.
The initiative is part of a broader effort by the city to enhance housing affordability and security. The Department of Housing Initiatives, established in 2020, manages housing-related grants and supports both market-rate and affordable housing construction.
Looking ahead, the city plans to continue collaborating with local and regional partners to achieve its housing goals. The new nonprofit is expected to play a crucial role in these efforts, providing much-needed support to developers and helping to increase the housing supply in Kingston.