Jamboree Among First to Receive Competitive Cap-and-Trade Funds Awarded by California Strategic Grow
WEST SACRAMENTO, CA (July 15, 2015) – West Gateway Place, a mixed-use, transit-oriented workforce housing property being co-developed by Jamboree Housing Corporation and West Sacramento Housing Development Corporation in West Sacramento, has received $2.6 million in cap-and-trade funding, part of $6.73 million awarded to the City of West Sacramento by the California Strategic Growth Council.
The West Sacramento award is part of $121.9 million in competitive grants and loans made by the California Strategic Growth Council from the Greenhouse Gas Reduction Fund to 28 housing and transit-friendly infrastructure projects throughout the state that reduce greenhouse gas emissions and help fight climate change. The Affordable Housing and Sustainable Communities Program, which is one component of the funding initiative, will finance projects by supporting compact development along transit corridors.
“This award underscores the importance to the affordable housing development industry of designing and constructing more sustainable, transit-oriented properties that will attract alternative forms of funding that was not previously available,” said Laura Archuleta, Jamboree president. “It also serves as strong motivation to develop more energy efficient, water-smart properties, especially as California moves toward a net-zero energy policy.”
West Gateway Place is a family-oriented, affordable housing development in the West Sacramento Bridge District and is planned as the first phase of a multigenerational community for seniors and large families. Collectively, both phases will include a total of 175 units.
Phase I will be a mixed-use development consisting of two buildings that encompass 77 apartments and approximately 4,000 square feet of retail space, 12,000 square feet of common area and 69 parking spaces. With completion slated for late 2016, the first building on the 1.17-acre site is a mixed-use, four-story structure with retail and community space at the ground floor and at-grade parking. The second building is four stories with at-grade and below-grade parking.
The residential units for Phase I will include one-, two- and three-bedroom apartments for large families earning 30% to 60% of the area median income (AMI).
Located at 820 Delta Lane and 825 Tower Bridge Gateway, the project’s construction will be Type V wood frame supported by a concrete slab foundation. The urban styled exterior will be a combination of stucco and metal panels, and will be oriented to create a central community courtyard with a barbecue area and tot lot. Approximately
3,536 square feet of ground floor common area – including a community room, computer lab, tutoring area, and laundry facilities – will be available to residents. West Gateway Place is designed to achieve LEED for Homes Silver rating.
In addition to the cap-and-trade funds, financing for the $28.8 million development includes a $6.9 million soft loan and $1.8 million land note from the City of West Sacramento, a $1.9 million permanent mortgage from Union Bank, and $15.7 million in tax credit equity from Union Bank as the Low Income Housing Tax Credit (LIHTC) investor.
About Jamboree: Founded in 1990, Irvine, CA-headquartered Jamboree Housing Corporation is an award-winning, broad-based nonprofit housing company that develops, acquires, renovates and manages permanently affordable rental and ownership housing throughout California for working families, seniors and people with special needs. A leading community development organization, Jamboree is committed to sustaining excellence with high quality affordable housing that benefits the environment, the economy and local communities. It currently has $233 million in affordable housing projects in its development pipeline and a $1 billion asset portfolio that includes the development of and/or ownership interest in more than 7,500 homes in more than 75 California communities. Currently, Jamboree’s Resident Services Group offers programs and services that foster learning, health and community building at 30 Jamboree communities with designated staff at each location. For more information, visit jamboreehousing.com.