The owner of the Vintage at Napa seniors’ apartment complex has the city’s go-ahead for a bond issue that will pay for renovations at the 115-unit complex – and keep its rents below market rates more than half a century into the future.
A City Council vote last week opens the way for a $25 million bond issue by Vintage Housing Development Inc., owner of the apartment hub at 2360 Redwood Road. About $3.4 million of that total will cover upgrades to the dwellings, common room and laundry, as well as providing full access for disabled residents at 12 of the units. Revenue also will help retire existing bonds on the Vintage property, which opened in 2001.
The refinancing deal also assures that Vintage rents will remain at affordable levels for at least 55 more years – a key attraction in a city with a vacancy rate of 2 percent or less. As of Thursday, a website for the property listed a one-bedroom, 498-square-foot apartment available at $958 per month, and a two-bedroom dwelling of 702 square feet offered for $1,143, well below prevailing rents.
Vintage tenants will be able to stay in their apartments during the renovations, according to city Housing Manager Lark Ferrell.
Vintage Housing Development will get its bond funding from the California Statewide Communities Development Authority, a joint-powers agency that includes Napa and more than 500 other cities. The authority provides tax-exempt financing for local projects that provide a public benefit, and repayment of bonds are the responsibility of the borrower, not Napa or other member governments.
Apartments at the Vintage at Napa are reserved for tenants at least 55 years old.