This week, the Sacramento City Council unanimously approved $35.4 million to invest in affordable housing developments and programs.
Main talking points
- 820 affordable housing units and transitional housing beds will be built across seven projects
- Four projects will be for those experiencing homelessness, with one functioning as a transitional home
- Single-family homes for low-income buyers will be built in Oak Park
- A rehab program to restore homes in disrepair will be established
Overall, the new units will bring the city’s total to over 2,821 — up from 481 in 2019. These projects will include “innovative new concepts in housing construction and financing” that allow for lower production costs when compared to traditional affordable housing, according to the City.
KIND Project
Nearly half of the investment — $18.83 million — will go toward the City’s Comprehensive Siting Plan, a workplan to address homelessness throughout the community.
Part of that will be through The KIND Project, which is one of the larger affordable housing plans in the City’s strategy. Developed in partnership between two Sac-based design and development teams — Fulcrum Properties and Urban Elements — the KIND Project’s goal is to transform a vacant lot at 7141 Woodbine Ave. into 216 low-income housing units that will be filled with tenants whose rents will be subsidized through local nonprofits.
Loan program
City councilmembers also approved a new loan program during the vote, which would allow the city to make money by offering loans to real estate companies who seek to “provide a public benefit.” The Gateway Project — a 230-unit mixed-use apartment complex with resources for low-income individuals that will be constructed on Stockton Blvd. between Ninth and Tenth avenues — is the first such effort to be funded through this program, borrowing $15 million from the city to be paid back over ten years.
Let us know your thoughts on the city’s plan.
