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New Hope CDC approves midyear update, seeks funding for Cottonwood rehab and elects officers
Summary
New Hope Community Development Corporation approved its midyear budget, reported acquisitions and funding attempts for Cottonwood Senior Meadows and Pine Tree Gardens, and elected officers; the board also discussed EV chargers and ongoing development partnerships for West Sacramento.
The New Hope Community Development Corporation on March 19 approved its FY2024‑25 midyear update, heard project updates for Pine Tree Gardens and Cottonwood Senior Meadows and elected board officers.
Ian Evans, president and CEO of New Hope CDC, told the board New Hope acquired Pine Tree Gardens West (adding to an earlier Pine Tree Gardens East acquisition), and that both Davis homes are eligible to receive about $300,000 in county community‑care expansion funding administered by Yolo County Health and Human Services. He said the funds will support energy and accessibility upgrades such as window replacement and HVAC work.
Evans reported New Hope submitted an application to the state HCD HOME program seeking about $2.9 million to replace roofs, siding, HVAC systems and an elevator at Cottonwood Senior Meadows in Woodland; staff had preliminary indication the application missed funding in the round but said they may re‑apply and concurrently applied to the City of Woodland for CDBG funds. He said Cottonwood currently has six vacancies of 46 units and that short‑term unit modernization (countertop painting, flooring) is planned to improve lease‑up rates.
The board approved a request to proceed with midyear items and discussed EV charger installation at Cottonwood (four stalls split across two parking areas); staff said the project will not remove currently needed parking and installation will proceed in coming months. Evans said New Hope is under contract with funders to receive community care expansion funds and will perform a 20‑year fiscal needs assessment for Pine Tree properties to develop replacement‑reserve plans.
During the meeting the board elected officers for the coming term; roll calls recorded unanimous votes. Board members also received an update on the West Sacramento 641 Fifth Street development: New Hope’s development partner submitted a 9% tax‑credit application and the board had delegated authority to staff to submit applications with a future ratification expected.
The board voted unanimously to approve the midyear update and the actions on consent agenda items recorded earlier in the meeting.
