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CalHFA approves financing for Monarch project on state surplus site in Sacramento
Summary
CalHFA approved a final loan commitment for Monarch, a Mutual Housing of California development on a state excess site in Sacramento, with two exceptions related to leasehold structure and tax-credit investor requirements.
The California Housing Finance Agency board voted to approve a final loan commitment for the Monarch multifamily project in downtown Sacramento, a Mutual Housing of California development that will use a state surplus site and include project-based rental assistance.
"This project is another one of our MIP24 deals," said Stephanie McFadden, director of multifamily programs, describing a building between Eighth and Ninth streets that will include 20 project-based vouchers, a small amount of commercial space for the developer and energy credits. McFadden said the project’s structure is "a little complicated" because the developer will lease state excess land from the California Department of Housing and Community Development (HCD).
McFadden told the board that, because of tax-credit investor requirements, the project will not provide CalHFA with the agency’s standard 50% of residual receipts; staff and legal counsel recommended approving the loan with that exception and the leasehold structure called out in the staff report. Directors on the board noted the approach follows precedents and praised the use of public land for affordable housing.
The motion to approve Resolution 25-06 passed on a roll call vote; the board recorded unanimous approval. The board directed staff to continue monitoring opportunities to use public and surplus land for affordable housing and to report back as further sites arise.
