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Council approves $2.1 million additional funding for River City Apartments; project to house 15 adults with developmental disabilities
Summary
The housing authority approved providing an additional $2.1 million to River City Apartments to fill a financing gap after state tax credit shortfalls. The five‑story, 66‑unit project will reserve 15 units for residents with developmental disabilities and include supportive services.
The Housing Authority approved an additional $2,100,000 in funding to River City Apartments to help fill a financing gap after the project was unsuccessful in a state tax credit round.
SHRA staff said the council previously approved a $2,000,000 loan and bond issuance for the project in April of the prior year; decreased availability of state tax credits required the developer to seek additional funds. The River City Apartments project is proposed on about one acre at the corner of 60 Ninth Street and Folsom Boulevard. Staff described a five‑story building…
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