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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 units in 10 three‑story garden-style buildings with a central clubhouse, pool and two playgrounds. The development would serve households at roughly 30%–70% of area median income, offer about 460 surface parking spaces and include 46 EV chargers.
The developer requested a $5,000,000 development loan from the city to help meet a state funding deadline in June and begin construction in June. Staff said the financing is largely in place; the city loan is one of the remaining pieces required by state deadlines. Staff recommended Option B — a conditional funding commitment that staff will finalize once final construction bids are available and attempt to reduce the city loan amount if project savings materialize.
Public commenters supported the project’s loan structure and parking plan but asked for clarity on school impacts and timing. Staff said the Elk Grove Unified School District provided a letter of support and that the project currently sits within the attendance boundaries of Robert J. McGarvey Elementary, Catherine L. Albayani Middle School, and Pleasant Grove High School; staff noted boundaries may change as the district builds new schools.
Council member motioned and seconded staff’s recommendation; a roll-call vote recorded a majority in favor and the motion passed. Staff said construction is expected to begin in June to meet state deadlines and estimated an 18–24 month construction schedule, with initial preleasing planned three to four months before opening in 2027.
