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New Hope CDC adopts FY 2025–26 budget; approves small rental subsidy for Cottonwood Meadows
Summary
New Hope Community Development Corporation approved its FY 2025–26 corporate and real-estate budgets and authorized a rental subsidy for a small number of Cottonwood Meadows households while pursuing roof and infrastructure funding for the property.
The New Hope Community Development Corporation (CDC), the nonprofit development affiliate linked to Yolo County Housing, adopted its fiscal year 2025–26 corporate and real-estate budgets at its May 21 meeting and approved continuation of a small rental-subsidy program for Cottonwood Meadows.
Ian Evans, president and CEO of New Hope CDC, described corporate reserves (principally developer or management fees and share of positive cash flow) and the real-estate replacement reserves used for maintenance and system replacement at Cottonwood Meadows, Pine Tree Gardens Homes and Davis properties. He said New Hope will continue to prioritize building replacement reserves and using awarded state funds where appropriate.
Evans said the California Department of Social Services Community Care Expansion (CCE) funds — roughly $300,000 allocated to the county for adult residential facility improvements — will be directed to Pine Tree Gardens Homes for infrastructure upgrades, including window replacement at East House, flooring, roofing and HVAC work. He said New Hope expects the county to issue the contract in the coming months and will begin projects once funds are obligated.
On Cottonwood Meadows (a 47-unit senior and disabled project owned by New Hope), Evans said 25 units received project-based vouchers last year and the remainder continue on tenant-based vouchers. To prevent hardship from rent changes caused by the PBV conversion, New Hope approved a continuation of a rental subsidy for a small number of impacted households in FY 2025–26; staff estimate the cost at a few thousand dollars for the year.
Evans described other development work in progress: the Yolanda Donnelley redevelopment (the Tupelo first phase and an ongoing Choice Neighborhood planning process), a 37-unit project in West Sacramento for which New Hope is managing general partner and hopes to secure financing in 2025, and other pipeline activity. He also noted a June 6 groundbreaking for Freeman Gardens Court, a 12-unit project in Woodland that received project-based vouchers, and a commissioner tour of Mirasol Village in Sacramento on June 12.
The board voted by roll call to adopt the New Hope FY 2025–26 budgets and to authorize the Cottonwood Meadows rental subsidy as described by staff.
Ending: New Hope will pursue CDBG and other local/state funding to address Cottonwood Meadows’ larger capital needs (roof, siding, elevator, HVAC) and will return to the board in July if additional funding awards require matching or board action.
