Sacramento Veterans Housing Receives $21M in Construction Financing
The property will feature 39 new, high-quality permanent rental homes for people earning between 15-60 percent of the Area Median Income.
By Evelina Croitoru
Sacramento, Calif.—Community Development Partners announced that the firm completed $21 million in construction financing for Rocky Hill Veterans Housing in Vacaville, Calif. Located at 582 Rocky Hill Rd., the project aims to provide necessary housing for chronically homeless veterans and low-income veterans and families. The development is designed to achieve LEED Gold certification and is slated for completion in December 2017.
The property will feature 39 new, high-quality permanent rental homes for people earning between 15-60 percent of the Area Median Income. Twenty-nine of the units will be kept solely for veterans and 11 units will have Project-Based rental assistance through the Veterans Affairs Supportive Housing program and will serve as Permanent Supportive Housing, which is a solution for homelessness that combines housing, rental assistance and onsite supportive services.
“Rocky Hill was designed to strengthen the community by offering amenities such as community gardens, a central zócalo and art installations visible from the street. The goal is to promote interaction among residents and the surrounding neighborhood. A resident services coordinator will work with community partners to strengthen the neighborhood,” Kyle Paine, president of Community Development Partners, said in prepared remarks.
Financial partners for the project include Citibank, National Equity Fund, Veterans Housing and Homelessness Prevention program, City of Vacaville and California Statewide Communities Development Authority. Solari Enterprises provided property management expertise and GrowthPoint Structures provided shipping containers.
Image courtesy of Community Development Partners