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Council approves conditional $5 million commitment to Asteria Flats affordable-housing project
Summary
The council approved staff’s recommended option to conditionally commit up to $5 million in city loan funds to the Asteria Flats affordable housing development (approximately 236 units) to help assemble financing and meet state deadlines; staff will return with final loan terms and any adjustments after construction bids.
The Rancho Cordova City Council voted to approve staff’s recommendation (Option B) to provide a conditional funding commitment for the Asteria Flats affordable housing development.
Housing manager Stephan Heisler introduced the item and invited Lincoln Avenue Communities to present. Brandon Hodge, vice president with Lincoln Avenue Communities, described a project planned on just over 11 acres at the southeast corner of Sunrise and Chrysanthe Boulevard. The proposal calls for approximately 236…
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