Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Affordable Housing topic
No spam. Unsubscribe anytime.
Council approves $250,000 grant to Burbank Housing to preserve 18 affordable units in Sonoma
Summary
The council authorized a $250,000 grant from the cityaffordable housing trust fund to Burbank Housing, to help purchase and preserve 18 existing affordable apartments (two properties) subject to financing conditions and a December 31 closing contingency.
The City Council approved a $250,000 grant from the cityaffordable housing trust fund to Burbank Housing to help acquire and preserve 18 existing low-income rental units in Sonoma.
City staff said landlords of two properties (673 First Street West, an 8-unit senior property, and 270 First Street East, a 10-unit multifamily property) notified the city under the city's right-of-first-refusal process. Burbank Housing proposed to acquire both properties for preservation at a purchase price of about $5,000,000 using multiple funding sources, including a Bay Area preservation loan. City staff recommended the city identify $250,000 from the affordable housing trust fund (trust balance ~$2.6 million) to cover a financing gap. The grant is conditioned on Burbank securing required financing for the acquisition and renovation by Dec. 31, 2025.
Burbank Housing representatives said the proposed acquisition was financially tight and thanked the city for assistance; they expect to renovate units and limit rents to low-income levels (roughly 80% AMI). Council discussion emphasized preservation as a cost-effective way to protect affordable units and directed staff (city manager) to finalize and execute the grant agreement should financing close on schedule.
The council approved the resolution unanimously and amended the resolution to authorize the city manager to execute the grant agreement upon Burbank securing financing according to the stated conditions.
