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New Hope CDC reports financing options for Cottonwood repairs and files 9% tax-credit application for 641 Fifth Street
Summary
The New Hope Community Development Corporation on July 16 reported it is seeking construction-financing options for immediate Cottonwood repairs and submitted a 9% low-income housing tax-credit application for a 37-unit project at 641 Fifth Street.
The New Hope Community Development Corporation held a brief meeting on July 16 in which the executive director reported on two development matters: short-term financing and repairs at the Cottonwood property, and a tax-credit application for a West Sacramento housing project at 641 Fifth Street.
The executive director said New Hope’s request for matching funds to fix Cottonwood was unsuccessful; the organization is meeting with First Northern Bank to explore construction-financing options and to plan immediate, short-term repairs ahead of a longer-term strategy. “There’s some immediate short term needs and fixes that we have to do,” the executive director said.
Separately, New Hope reported it submitted a 9% low-income housing tax-credit application on July 8 for the 641 Fifth Street development. The application proposal covers 37 total units (36 rental units and one manager unit). According to the report, 18 of the 36 rental units would be set aside for Alta Regional clients, four units would be dedicated to VASH voucher holders for veterans, and the remaining units would be general voucher units. The Yolo County Housing Authority’s consent agenda earlier in the meeting ratified awarding an additional 20 project-based vouchers so that all 36 units in the project would have project-based vouchers from the housing authority.
Why it matters: if funded, the 641 Fifth Street project would add subsidized rental capacity, including units for veterans and Alta Regional clients, and would use project-based vouchers administered by the housing authority.
Discussion The board recorded no additional public comments and approved the New Hope CDC agenda and consent items. The executive director said leadership will continue to pursue funding and financing options and will provide updates at future meetings.
Ending The meeting concluded with the board noting the next regular New Hope CDC meeting is scheduled for Sept. 17, 2025.
