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Placer County rejects $10.8 million loan pledge for Hope Way Apartments after fiscal and legal concerns
Summary
The Placer County Board of Supervisors declined a staff proposal to commit up to $10.8 million in county affordable‑housing funds (including future Bickford Ranch in‑lieu fees) to the Hope Way Apartments. The motion failed 3–2 amid concerns about tying up in‑lieu funds, loan security and project size.
The Placer County Board of Supervisors voted down a staff‑recommended loan and funding agreement that would have committed up to $10.8 million to the Hope Way Apartments project, concluding a contentious second item that brought dozens of public commenters back to the podium.
Economic Development and Housing staff presented the loan terms: a proposed residual‑receipts construction loan to Penryn 7 21 LP (the special‑purpose entity formed for the project), with a 55‑year term and 3% simple interest. Staff said the county currently holds approximately $1.7 million in eligible Low and Moderate Income Housing Asset and collected Bickford Ranch in‑lieu funds available for immediate distribution; the remainder of the pledged $10.8 million would rely on future Bickford Ranch in‑lieu fee collections, which the applicant would bridge with private financing until those future fees materialize.
Housing staff and the…
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