CalHFA Commits More Than $4 Million to Preserving Affordable Housing in Sacramento County
SACRAMENTO, Calif.--(Business Wire)--Two existing housing complexes in Sacramento County will soon
receive extensive renovations to preserve affordable housing for 75
families. The California Housing Finance Agency (CalHFA) Board of
Directors has approved $4.325 million in long term loans which will
allow the owners to preserve the rental affordability and serve
families with household incomes at or below 60% of area median income.
Built in 1980, Ridgewood Apartments are located in South
Sacramento. The site, close to freeways, public transportation,
schools and a hospital, consists of 41 family apartments. The Rancho
Cordova complex, La Loma Apartments, was originally constructed in
1979. La Loma is a 34-unit complex, set in a residential neighborhood,
and is close to bus stops, schools, markets and parks.
Both locations will undergo rehabilitation. The common areas will
gain improvements in landscaping, playgrounds and fencing. Upgrades to
buildings will include the replacement of exterior siding, gutters,
windows and doors. Residential units will receive new flooring, sinks,
fixtures, paint and appliances. The work is expected to be completed
by year end 2008.
The CalHFA package provides long term acquisition and
rehabilitation financing with a low, fixed interest rate for a 30-year
term.
The California Housing Finance Agency was created in 1975 with the
goal of helping more Californians live in a home they can afford.
CalHFA's Multifamily Division has invested $1.4 billion for the
construction and preservation of more than 33,000 affordable rental
housing units to assist very low and low income Californians. For more
information on Multifamily Loan Finance programs and the full
complement of CalHFA programs, visit www.calhfa.ca.gov or call toll
free 877.9.CalHFA (877.922.5432).
The California Housing Finance Agency
Melissa Flores, 916-324-4647
Fax: 916-322-2345
mflores@calhfa.ca.gov
www.calhfa.ca.gov
Copyright Business Wire 2008
