USA Properties Fund has brought new housing opportunities to Roseville, a fast-growing community in Northern California.
The firm recently opened The Crawford, featuring 265 affordable one- to three-bedroom apartments near jobs, school, and other services.
“West Roseville has become one of the fastest-growing areas in the Sacramento region, with top-rated schools, plenty of shopping, and numerous recreational opportunities, from sports fields to walking trails,” said Geoff Brown, president of USA Properties Fund. “The Crawford allows residents, many who may not be able to afford housing in the area, to enjoy everything Roseville has to offer.”
Among communities with fewer than 300,000 residents, Roseville recently recorded the largest population change in the state, growing by nearly 4,300 people year over year, according to the state Department of Finance. It also ranked as California’s sixth-fastest growing city among those with at least 30,000 residents.
USA Properties Fund, which is based locally, has several recently completed and in-progress affordable housing communities in the area. Together, these new developments will provide nearly 1,350 apartments.
The Crawford is dedicated to residents earning 30% to 70% of the Placer County area median income. For a four-person household, that range is approximately $39,400 to $92,000.
In addition, residents will have access to LifeSTEPS, a social-services provider that offers numerous services, from after-school programs to healthy living and financial-planning classes.
The $112 million development is part of a public-private partnership that includes the city and the Roseville Housing Authority, which provided eight project-based vouchers that help reserve apartments at The Crawford for very low income residents.
Bank of America is the low-income housing tax credit investor and construction lender.
Citi Community Capital is the permanent lender.
Safehold is the leaseholder of the property and helped make the development possible.