Rancho Mirage housing authority approves conditional $3.82 million loan to close financing gap for Crossings on Peterson Road

The Rancho Mirage City Council, acting as the Housing Authority Board, voted 5-0 to approve a conditional agreement to provide up to $3,824,846 in a residual receipts loan to Blue LLC to help close a funding gap for the Crossings on Peterson Road affordable housing project.

City staff told the board the Crossings on Peterson Road would deliver 116 affordable units targeted to families with a veteran head of household and that the units account for roughly 28% of the city’s extremely low‑income reallocation and 15% of its low‑income allocation. Marcus Aleman, the city’s housing manager, said the loan represents about 4.4% of the project’s $88,000,000 estimated cost and is needed so the developer can apply for state low‑income housing tax credits, tax‑exempt bond allocations and project‑based vouchers by a May 20 application deadline.

“The housing authority’s contribution is essential to closing the remaining financial gap and ensuring the project has the best possible chance of developing and maximizing other funding sources,” Marcus Aleman said in his staff…