Politics & Government
City Council Approves $1.7 Million Loan To Acquire Property For Affordable Housing
The funds will be used by a non-profit housing developer to build 26 homes near the Walnut Creek BART station
The Walnut Creek City Council on Tuesday night unanimously approved a $1.7 million loan to help a non-profit housing developer acquire land to build affordable housing.
The money will be used by Resources for Community Development to buy a one-third acre vacant parcel at 1515 Riviera Ave.
The organization plans to build 26 lower-income units along with a community room, a laundry room and services offices. The units would be studios as well as one-bedroom, two-bedroom and three-bedroom apartments.
RCD plans to buy the property in early 2014 and apply for a building permit late next year. Construction would start in 2015.
The total cost of the project is $14.7 million.
The loan is a 55-year, zero interest, residual receipts note. The funds are coming from Community Development Block Grants, commercial linkage fees and housing impact and in-lieu fees.
A staff report states more than $200,000 will remain in housing fund reserves after the loan is made.
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