Local Funding Sources
• City Housing Trust Fund (Commercial Fee)
• City Mixed Income Housing Fund (Residential Fee)
City Housing Trust Fund
• Established in 1989
• Total Fees Collected - $38 million
• Total Loan Repayments - $12.2 million
• 3,431 units Constructed
• Fees Collected in 2021 – $1.9 million
• Under Construction:
• Villa Jardin/Coral Gables
• Mirasol Block A
• Commitments:
• 4995 Stockton Blvd
• Mirasol Block D
City Mixed Income Housing Fund
• Adopted 2015 (Revised earlier ordinance)
• Total Fees Collected - $6.2 million
• Fees Collected in 2021 – $695,000
• Under Construction:
• Villa Jardin/Coral Cables
• Current Commitment:
• 4995 Stockton Blvd
State Resource
• Permanent Local Housing Allocation (PLHA)
PLHA Funds
• Adopted in 2017 (Senate Bill 2)
• Balance available - $2.3 million
• Commitments:
• Mirasol Block D
Federal Resource
• HOME Investment Partnerships Funds
City HOME Funds
• 2021 Entitlement - $2.5 million
• 2021 Loan Repayment - $5.6 million
• 5,291 Units Created or Rehabilitated
• Under Construction:
• Capitol Park Hotel
• Lavender Courtyard
• Vista Nueva
• Northview Pointe
• Commitments:
• On Broadway
Single Room Occupancy
• Residential Hotel Unit Withdrawal, Conversion, and
Demolition Ordinance – none in 2021
Pending/Unfunded Affordable Housing Developments
SHRA Identified Permanent Affordable Multifamily Housing Name Location Developer Total Units Affordability AMI Funding Request 1212 Village 1212 Del Paso Blvd VOA 75 50%-60% $10 million 39th & Broadway
(senior)
3031 39th Street Related 43 45%-60% $3 million
($6.3 million currently allocated)
440 Arden Way 440 Arden Way BRIDGE 124 30%-60% $9 million Donner Field
(senior)
4501 9th Ave Eden
(SHRA land)
67 30%-50%
(35 Homeless)
$3 million
Florin Senior Housing 2800 Florin Road CCH 100 50%-70% $3 million Homekey Project Motel Acquisition Mercy 100 Homeless $10 million North Area
(senior)
South Natomas Mercy 150 30%-60%
(70 Homeless)
$15 million
On Broadway 1900 Broadway EAH 140 30%-60%
(37 Homeless)
TBD
($3.3 million currently allocated)
San Juan Motel 5700 Stockton Mutual
(SHRA land)
25 in City
(125 in County)
30%-60%,
(16–38 Homeless)
$3 million
South Sacramento TBD* Mercy 115 30%-60% $17 million
South Sacramento TBD* Mercy 200 30%-60% $15 million
State Surplus- owned land R Street,
between 8
th &9th
Selection
Underway
approx. 120 30%-60% $6 million
Total 1119 $94 million+
Pending/Unfunded Affordable Housing Developments
City Identified Permanent Affordable Multifamily Housing Name Location Developer Total Units Affordability AMI Funding Request 101-Acres Meadowview Meadowview TBD TBD TBD TBD
Affordable
Ownership/Infill
Lots/ADUs
Various TBD TBD 30%-80% $5 million
Downtown Service Center TBD TBD TBD TBD TBD
Fong Ranch
(mixed-income)
3625 Fong Ranch Road Anton
(City land)
94 30-70% $7 million
Modular Housing TBD Sierra Bay &
One New
Heartbeat
54 units 50-70% $2 million
State Surplus Properties 3 pending sites TBD TBD 30%-70% TBD 13/Stockton AH 3736 Stockton Blvd Weinstein 96 30%-60% $9 million Stockton & 20th
Workforce/AH
South of Jon’s Furniture Weinstein TBD TBD TBD
Veev Tiny Homes Project D5 Step Up 100-125 funded
by Lennar
30%-60%
(30 homeless)
$2,500,000 land loan
Wah Property 2900 Wah Ave Habitat
Mutual
50 Ownership
100
30%-80%
30%-60%
$4 million
$11 million
Total 400+ $40.5 million+
Current Affordable Multifamily Financing Priorities
Multifamily Lending Policies adopted by the City Council December 2019
1. Preservation of Existing Affordable Housing at risk of Losing Affordability
2. New Construction and Conversion of Non-Residential to Residential Use, prioritized as follows:
• Permanent Supportive Housing and Homeless Housing
• Workforce (30% to 60% AMI)
• Veterans
• Other
3. Recapitalization of Existing Affordable Housing
4. Rehabilitation of Market Rate Housing into Affordable Housing Current Affordable Multifamily Financing Criteria
Multifamily Lending Policies adopted by the City Council December 2019 • Developer Capacity and Experience
• Project Readiness
• Financing Plan and Eligibility
• Leveraging Funds
• Location
• Resident Services and Property Management
• Local Hire, Section 3, MBE/WBE Requirement
Cost per Unit
Multifamily Lending Policies adopted by the City Council December 2019 Wong Center (150 - 1 & 2 bedroom units)
Construction Costs $297,175
Total Costs (land donation) $367,290
4995 Stockton Boulevard (200 - 1 & 2 bedroom units)
Construction Costs $371,434
Total Costs $502,291
Construction = construction, permits, architecture and engineering Non-Construction = operating reserves, financing costs, legal fees, environmental, developer fee, third party reports, land acquisition, etc.
Questions?