Sacramento–Bridge Housing, a nonprofit affordable housing specialist, has broken ground for Foothill Farms Senior Apartments in Sacramento. The property will feature 138 affordable apartments and community space in four buildings, with a slated completion in July 2012.
The apartments will be offered to those age 55 and older with annual incomes ranging from about $15,000 to $26,000 for a one-person household, or 30 percent to 50 percent of area median income. Monthly rents are expected to range from about $355 to $670, depending on income and apartment size.
Financing for Foothill Farms Senior Apartments is, as usual with affordable properties, a mix of sources. The Sacramento Housing and Redevelopment Agency, Wells Fargo and the California Community Reinvestment Corp. all provided pieces of the financing.
“The need to develop affordable homes for seniors is on the rise, as the population ages and as it becomes harder for seniors on fixed incomes to keep up with rising costs,” Cynthia Parker, president and CEO of Bridge Housing, tells MHN. “At the same time, funding for affordable housing—including for seniors—is being impacted by federal, state and local budget cuts. We’re working to leverage all available public financing with private capital to meet the need for affordable housing.”
The property is Bridge Housing’s first development in Sacramento County. Over the last 25 years, the nonprofit has developed more than 13,000 units of affordable housing in California, as well as about 400,000 square feet of commercial space.