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Council approves $1M Measure S loan for 58-unit Dry Creek Commons affordable project
Summary
The council approved a $1 million Measure S residual-receipts loan to Burbank Housing for Dry Creek Commons, a 58-unit deed-restricted development (30— 60% AMI) with six permanent supportive units; staff said Burbank expects construction to start in October 2025.
HILLSBURG — The Hillsburg City Council voted to approve a $1 million Measure S loan to Burbank Housing to help finance Dry Creek Commons, a planned 58-unit deed-restricted affordable housing development.
Staff described the project as a mix of one-, two- and three-bedroom apartments with six units set aside for permanent supportive housing. The funding package includes state and federal grants, an award from the Farmworker Housing Grant program, and other public financing; staff said the city's land contribution plus the loan leverages roughly $17—$18 of outside funding for every $1 of city investment.
Under the approved loan terms the Measure S contribution is a residual-receipts loan with 3% simple interest, a 55-year term, and annual payments based on 50% of surplus cash; principal and accrued interest are payable at term end if not otherwise repaid sooner.
Burbank Housing representatives told the council they anticipated construction beginning in October 2025 following bond and loan closings, and highlighted the project's on-site wetland mitigation and compact site design.
Why it matters: The project advances city and county affordable-housing goals and is expected to provide long-term deed-restricted units targeted to households earning 30— 60% of area median income.
