Did this receive city funding the first time, and is now receiving additional funds?
The original project was to receive a REV grant (property tax rebate). That never happened as the project never went online.
The new project will receive $1mm from the city to satisfy the lien for the previous demo (COJ paid for an emergency demo as soon as the fire was extinguished, so the bill is essentially forgiven), a larger REV grant (construction costs are higher, so I believe the REV grants are essentially the same %, just the dollar amount increased to match the higher construction costs) and now incentives to keep around a 1/3 of the units as workforce housing (a rebate to subsidize rents). Previously about 1/3 of the units were going to be managed by a rental management company and leased as STRs (STR would have resulted in higher rents than long-term leases). They essentially swapped out the STRs for workforce housing.
