The California Tax Credit Allocation Committee (CTCAC) announced Wednesday that over 7 million in federal low-income housing tax credits will be awarded to the Lone Oak Senior Apartments in Penn Valley. This comes after the Nevada County Board of Supervisors earmarked $1.2 million in County funds as deferred loans in the Regional Housing Authorities' (RHA) developer funding application package to the CTCAC. The award of tax credits to Lone Oak Senior Apartments was the final step needed to fully fund the project that is expected to break ground in spring of 2020.
"We have been working with the Regional Housing Authority on the Penn Valley Senior Apartments for several years,” said District III Supervisor Dan Miller. “We are very excited about yesterday’s news, and want to thank the Regional Housing Authority for their hard work to make this project happen."
The Lone Oak Senior Apartments will be located on approximately 2 acres of land in Penn Valley on Penn Valley Drive. The project will have 31 new units of affordable senior housing, including 24 one-bedroom, and 7 two-bedroom units. The project will house low-income seniors earning between 30-60% of the median income for Nevada County. Construction is estimated to last 12 months, starting in March of 2020 and ending in March of 2021.
“We are thrilled beyond belief and excited to be able to develop new affordable housing in our communities,” said Gustavo Becerra, Executive Director of the Regional Housing Authority. “Many thanks to our partners and stake holders that have committed funds to the project.”
The project will include over 1,800 square feet of common areas and will include amenities such as a community garden, a covered picnic and BBQ area, a fenced dog park, covered parking and many green, sustainable features.
“Lone Oak will be a great asset for the community,” said District IV Supervisor Sue Hoek. “Located right in the heart of Penn Valley, residents will be able to easily access to Gold Country Stage transit, local grocery stores and businesses that support our Penn Valley economy.”
Coordinating with local jurisdictions, developers and other partners to maximize leveraging opportunities with new state funding for affordable and workforce housing development is one of the Nevada County Board of Supervisors policy priorities. CTCAC encourages local government to provide financial assistance to aid in the development and construction of low-income rental housing, and the funding committed by Board of Supervisors earlier this year made the Lone Oak Senior Apartments project competitive for CTCAC's July tax credit allocation application cycle. As construction in California continues to be cost prohibitive for developers, CTCAC housing credits make it financially feasible for developers to create affordable housing in California communities.