Board approves $2.5 million HOME loan and bond backing for Power Inn Family affordable housing

The Sacramento County Board of Supervisors unanimously approved financing for the Power Inn Family affordable-housing project on Feb. 10, voting to authorize tax-exempt mortgage revenue bonds and a conditional HOME loan commitment of $2,500,000.

Christine Weikert of the Sacramento Housing and Redevelopment Agency (SHRA) told the board that the five-story, 73-unit development will include one-, two- and three-bedroom units and on-site services managed by LifeSteps that will provide at least 20 hours of resident services weekly, including after-school programming. She said the developer is applying for $24 million in Affordable Housing and Sustainable Communities (AHSC) funds and will combine that with tax credits, a deferred developer fee and developer equity.

Supervisor Hume asked whether the project’s entitlements were governed by SB 79 rules and whether a locally atypical five-story building fit the neighborhood; staff said entitlements are pending and they would follow up with details. Supervisor Kennedy said she welcomed a new developer and thanked SHRA for pursuing housing for South Sacramento.

There were no public speakers on the item and the board approved the financing and loan commitment 5–0.

Implications: The approved financing helps move the developer’s application package forward; staff said the project is pursuing other funding sources including AHSC grants and low-income-housing tax credits and that SHRA approved John Stewart Company as property manager.