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Council approves $3.1M CDBG Bridge-to-Home loan for Navajo Family Apartments in San Carlos
Summary
Council unanimously approved a $3.1 million CDBG Bridge-to-Home loan to Community Housing Works for a 44-unit Navajo Family Apartments project targeted at households up to 60% AMI, including 11 units for persons with intellectual or developmental disabilities.
The City Council on March 10 approved a $3.1 million Community Development Block Grant (CDBG) Bridge-to-Home loan to Community Housing Works for the Navajo Family Apartments, a proposed four-story development at 7005 Navajo Road in the San Carlos community.
Economic Development staff described the project as 44 affordable homes (21 one-bedroom, 11 two-bedroom, 12 three-bedroom) plus a manager unit, with 11 units set aside for persons with intellectual or developmental disabilities. The loan is a 3% simple-interest instrument with a 55-year term, repayable from residual receipts; the city will hold affordability covenants for 55 years.
Staff said the project is in a state-designated highest-resource area, is near transit and neighborhood services, and is estimated to cost roughly $30.6 million (about $681,000 per apartment, roughly $378,000 per bedroom). The Independent Budget Analyst flagged combined city subsidies and recommended aligning subsidy caps across City NOFAs to avoid duplication; staff said the loan is consistent with Bridge-to-Home program rules and that sources/uses would be finalized at loan closing.
Councilmember Campillo moved the staff recommendation and Councilmember Elo Rivera seconded; the council approved the request unanimously (9-0). Staff and the developer will finalize financing and return with closing documents.
