The San Pablo City Council approved a $5.9M loan for Phase 2 of Alvarado Gardens, a proposed 100-unit affordable, mixed-use housing development, located at the old civic center site in San Pablo.
Alvarado Gardens is the City’s largest affordable housing project approved to date. This recent action by the San Pablo City Council affirms the City’s focus on providing quality affordable housing to its local residents in the wake of the State-wide housing crisis in California. Phase I of this development is currently under construction for the initial 50 units of this project, and slated to be completed by December 2024.
Additional project financing is being invested by the City to enable Danco Communities, the project’s developer, to pursue additional Low-Income Housing Tax Credits through the California Tax Credit Allocation Committee (CTCAC) which facilitates the investment of private capital into the development of affordable rental housing for low-income Californians. CTCAC allocates federal and state tax credits to the developers of these projects.
Corporations provide equity to build the projects in return for the tax credits. TCAC verifies that the developers have met all the requirements of the program and ensures the continued affordability and habitability of affordable housing developments for a 55-year term. Phase I of this development received previous TCAC allocation in September 2022.
“San Pablo has been permitting a number of housing projects over the last 3-year period to attain our Regional Housing Needs Allocation (RHNA) requirements under State law.” stated San Pablo Mayor Patricia Ponce. “This additional project financing will help secure additional low-income housing tax credits for construction of Phase 2 of the City’s largest affordable housing project to ensure that more affordable housing opportunities are available to our local residents. This is a monumental housing investment in our community.”
One-Two-Three bedroom units, with on-site parking will be developed, with 7,500 sq. ft. in new commercial square feet to be leased to an eligible, local San Pablo business as part of the project.
For more information on the project, click here
Related Stories:
- March 21, 2024 – Bill Would Authorize New Civil Penalties for State Housing Law Violations
- Dec 20, 2023 – El Portal Project in San Pablo Gets $16 Million Homekey Funding
- Sept. 2, 2023 – Governor Signs Bill to Streamline CEQA and Speed up Housing Production
