American Canyon senior project in search of financing

Units would rent for $430 to $875 a month
2013-08-21T17:43:00Z 2013-09-07T05:19:02Z American Canyon senior project in search of financingMICHAEL WATERSON Napa Valley Register
August 21, 2013 5:43 pm  • 

AMERICAN CANYON — If all goes as planned, the Valley View project, the city of American Canyon’s first affordable senior housing project, could be ready for occupancy in 2016.

Satellite Affordable Housing Associates (SAHA), the contractor slated to build 70 senior housing units on Theresa Avenue, announced the timeline at a community update meeting last week at the Senior Multi-use Center.

“Hopefully — optimistically — a year and a half from now we would start building,” said Aubra Levine, SAHA project manager. “It seems like a long ways away; in my world it’s going to come very quickly.”

Levine estimated that once it's begun, the project would take 12-15 months to complete. The total development budget for the project is approximately $17 million, he said.

The city purchased the 3.7-acre site in 2010 with $400,000 from its affordable housing fund, money from fees paid by developers. Monthly rents for the 60 cottages and 10 apartment units are projected to be in the $430 to $875 range. Site plans call for a community clubhouse as well as open space.

Financing for the project is the developer’s responsibility, according to City Manager Dana Shigley.

“At this point, the city’s contribution to the project is just the land,” Shigley wrote in an email. “The grants and bond financing they are applying for typically require the city to ‘sponsor’ the application, so we might act as a conduit for financing, but without any cash contribution on our part.”

Levine said funding for affordable housing projects moves in cycles. “The next time we’ll have an opportunity to apply for funding will be next March,” he said. That application would be for federal affordable housing funds, allocated by the state twice a year.

Affordable housing developers pursue a variety of state and local funding sources, according to Levine, as well as conventional sources such as bank loans and investors.

SAHA will manage the property after construction is completed, providing an on-site property manager, an assistant manager, janitorial and maintenance services, low-cost meals, a free van service, exercise classes and more.

Charles Durrett, principal architect with McCamant & Durrett Architects, displayed graphics and possible site plans for the project at Thursday’s meeting, and asked for input from attendees. Thanks to community suggestions, “I think the design is greatly improved from where we started it,” Levine said.

In July 2012, American Canyon City council members voted to negotiate a contract with Affordable Housing Associates of Berkeley for the project. The company was one of nine firms, both nonprofit and for-profit, that bid on the project.

In December, Affordable Housing Associates merged with Satellite Housing, another Berkeley nonprofit firm, to form SAHA. According to the company’s website, it has staff of 170, 22 development projects in the pipeline and 56 properties under management.

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(1) Comments

  1. glenroy
    Report Abuse
    glenroy - August 22, 2013 10:20 am
    Easy make public employee retirements like the rest of us matching funds that alone will balance every government buget in this state.....they'll have billions to spend.
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