Sierra Seniors
Apartment Project
Affordable Housing Incentive Program
• Provides framework for affordable housing developers to use when contemplating a request to the City for support for the development of deed-restricted housing units
FEE REDUCTION
LOW/MOD
INCOME
HOUSING FUND
CONTRIBUTIONS
FEE DEFERRALS
Sierra Senior Apartment Project
• USA Properties Fund, Inc. has proposed to build a multi- family apartment project for seniors at 4900 Rocklin
Road
• 180 Units
• 178 Units will be restricted as affordable for qualified seniors with low, very low, and extremely low incomes
Request
• $2,230,000 Loan from City’s low-and moderate-income
housing asset fund (LMIHAF)
City’s LMIHAF has approximately $9.2 million available
• Deferral of City issued Impact Fees until Certificate of Occupancy is issued
Recommendation
• Approve a Preliminary Commitment Letter and Fee
Deferral Request for USA Properties Fund, Inc. for the
College Park Sierra Senior Affordable Apartment Project Questions?