Housing Authority conditionally approves consolidated loan, extension for five Burbank Housing sites

The Santa Rosa City Housing Authority on Aug. 25 conditionally approved consolidation, extension and modification of loans on five Burbank Housing properties to allow the nonprofit to pursue tax-exempt bonds and low-income housing tax credits for rehabilitation.

The authority approved a consolidated loan balance of $20,128,213.38 (combined principal and interest through July 31, 2025) and agreed to extend loan and regulatory agreement terms to June 30, 2083. The vote covered five near-term staff resolutions and passed 6–0 with Chair Newton absent.

The proposal, presented by Rebecca Lane, program specialist with the Department of Housing and Community Services, covers 2862 and 2866 Apple Valley Lane; 2870 and 2874 Apple Valley Lane; Papago Court Apartments; Pollen Creek Apartments; and Olive Grove Apartments. Lane said the five properties would be submitted as a single “Apple Valley Scattered Sites” application to the California Debt Limit Allocation Committee (CDLAC) and the California Tax Credit Allocation Committee (TCAC). She told commissioners the consolidated rehabilitation estimate is roughly $22.9 million and that the combined existing loan principal balance is $13,868,471.76 with accrued interest of…