New Hope CDC wins 9% tax credit for West Sacramento project; Alta California grant secures Tupelo housing set-asides

New Hope Community Development Corporation on Oct. 15 reported that it received a 9% federal low-income housing tax credit award for its June project in West Sacramento and that Alta California Regional Center will provide $2.3 million toward the Tupelo housing phase in Woodland, securing a combined 37 units set aside for individuals with intellectual or developmental disabilities across the two projects.

Ian Evans, president and chief executive officer of New Hope CDC, said the West Sacramento project will close on a land purchase within days and that the City of Sacramento is expected to consider gap financing Nov. 5; he said the project aims to close construction financing in mid-December and break ground in January or February. The West Sacramento development will have 37 units, 36 of which are rental and project-based voucher units; four units will be dedicated to the Veterans Affairs Supportive Housing (VASH) program for veterans, and 18 units are set aside for clients of the Alta California Regional Center.

Separately, Evans said New Hope was notified that it will receive $2.3 million from Alta California Regional Center for the Tupelo housing phase, a 73-unit project in Woodland. The Alta funding secures a set-aside of 19 units in that project for individuals with intellectual or developmental disabilities. Evans said, when both projects are built, New Hope will have a combined 37 units for that population.

Evans characterized both announcements as steps toward construction: the West Sacramento tax credit award positions the project to close on construction financing, and the Alta award secures targeted units in the Woodland development. No formal board action on financing or construction closings was taken at the Oct. 15 meeting; Evans said the board would be updated as financing and closing actions proceed.

Provenance: Announcements provided during the New Hope CDC portion of the meeting; details were the executive director’s report to the New Hope board.