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Council approves sale of city parcel for Victory Gardens affordable housing to strengthen CalHFA application; labor groups ask for local hiring safeguards
Summary
Council amended the disposition and development agreement to allow sale of a city parcel at market value with a deferred 55-year, 1% loan to improve the project's CalHFA Mixed-Income Program competitiveness; labor representatives urged the developer to meet on labor standards and local hiring.
The Vacaville City Council on March 11 approved an amendment to the Disposition and Development Agreement (DDA) allowing the city to sell a parcel at 5763 Bandon Road to the Victory Gardens developer at fair market value instead of donating the land, and to finance that purchase with a 55-year, 1 percent deferred loan to the developer.
Mutual Housing of California is the project sponsor (operating via Victory Gardens Vacaville LP) and sought the sale-to-developer structure to improve competitiveness for…
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