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Board approves tax-exempt bond support for Step Up Housing to convert market-rate apartments to affordable units
Summary
County approved a public hearing and resolution supporting California Municipal Finance Authority bonds for Step Up Housing to convert Copper Creek Apartments in Sacramento to affordable housing; 75% of units will be placed under regulatory agreement (20% at 50% AMI; 55% at up to 80% AMI).
The Sacramento County Board of Supervisors on May 19 approved a public hearing and resolution allowing the California Municipal Finance Authority to issue tax-exempt bonds for Step Up Housing to purchase and convert Copper Creek Apartments (6430 Verner Ave., District 3) into permanently affordable units.
Michael Potter, chair of Step Up Housing, told the board the nonprofit will buy the market-rate property and place a regulatory agreement on the project to convert 75% of units to affordable housing. He said 20% of units will be targeted at 50 percent area median income (AMI) and 55% at up to 80% AMI; staff estimated current market rents for the property were about $1,600–$1,800 per unit and that the project would reduce rents on the designated affordable portion by an average of about $226 per unit.
County staff noted bonds will be issued by CMFA and will be payable solely by Step Up Housing, not the county; the county will not be guarantor and will not issue the bonds directly. The board closed the hearing and approved the resolution 5-0.
Supervisors asked about the scope of services. Potter said wraparound services will be provided after acquisition, based on resident needs assessed in the first months of ownership.
