Placer County authorizes $500K loan adjustment for Sabre City affordable housing project

The Placer County Board of Supervisors convened on April 15, 2025, to address several key agenda items, including a significant amendment to a housing loan agreement aimed at supporting affordable housing development.

The meeting commenced with a brief overview of ongoing projects, including the Placer Parkway initiative. Following this, the Board moved to discuss item 11A, which focused on the Housing Trust Placer Sabre LLC loan amendment. Marie Maniscalco, a housing development project planner from the Economic Development and Housing Division, presented the item.

Maniscalco outlined three primary actions requested from the Board. First, the Board was asked to approve an amendment to the existing loan agreement between Placer County and HTP Sabre LLC, originally established in December 2022. This amendment would allow for adjustments of up to 10% within the loan's budget categories, which include land acquisition, site improvement costs, and preconstruction and construction costs.

The second action involved authorizing the county executive officer or designee to execute necessary documents related to the agreement. The third action confirmed that the proposed adjustments were consistent with the mitigated negative declaration prepared under the California Environmental Quality Act (CEQA) for the Sabre City Park Estates subdivision, which had been previously approved by the Board.

The loan, valued at $5 million, supports the development of 44 affordable homes known as Sabre City. With land acquisition completed and site work nearing completion, the amendment aims to reallocate funds to better align with the project's actual needs, allowing for a potential movement of up to $500,000 between the specified budget categories.

The meeting highlighted the Board's commitment to enhancing affordable housing options in Placer County, with the loan amendment representing a strategic step in facilitating the timely progress of the Sabre City project. Further discussions and decisions are expected as the project continues to develop.