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Council de‑obligates old housing allocation and approves gap funding for Fairview Terrace to allow construction to proceed
Summary
The council de‑obligated $1.614 million from a stalled Sierra Vista Phase 3 allocation and approved a $2.8 million loan to fill a gap for Fairview Terrace so that construction can proceed; council also requested further presentations from remaining NOFA applicants before deciding other awards.
Stockton City Council voted March 31 to de‑obligate $1,614,000 from a 2019 allocation for Sierra Vista Phase 3 after the developer acknowledged the project is not ready to proceed. The action freed funds to support other projects in the city's 2025 NOFA (Notice of Funding Availability) round.
At staff's recommendation, council approved a $2.8 million loan to Mutual…
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