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Council approves $2.5 million CDBG loan for 47‑unit Mission Trails affordable housing project
Summary
The City Council approved a $2.5 million Community Development Block Grant loan to support property acquisition for the Grama at Mission Trails, a 47‑unit, transit‑oriented affordable housing development that includes 14 permanent supportive housing units and a 55‑year affordability covenant.
The City Council on Feb. 25 approved a loan agreement authorizing up to $2.5 million in CDBG funds to support the Grama at Mission Trails (also described as Granite Mission Trails) affordable housing project in the Grantville neighborhood.
Economic Development staff described the seven‑story, transit‑oriented project at 5945 Mission Gorge Road: 47 one‑ to three‑bedroom apartments with 14 units set aside as permanent supportive housing for households at risk of or experiencing homelessness. The project team — CRP Affordable Housing and Pacific Southwest Community Development Corporation, with service partner Townspeople — expects LEED Silver performance, on‑site solar and energy‑efficient systems.
The city loan will cover property acquisition costs and carry a 3% simple interest rate with a 55‑year term; a 55‑year affordability covenant will require units to remain affordable to households at or below 60% of area median income. Tax credits were awarded in December 2024 and escrow is scheduled to close in May 2025 with construction targeted for completion in roughly 26 months thereafter.
Council members and sponsor staff said the loan leverages multiple funding sources and advances affordable housing in a high‑resource transit area.
