A new 164-unit development is bringing affordable housing options to residents in Santa Rosa, California.
USA Properties Fund has opened College Creek, a community that will be available to early-in-their-career professionals, working families saving for a home, and even retirees on a fixed income.
The development fills an important need in a region where almost half of renters spend at least 30% of their income on rent and finding housing also remains a challenge after the devastating Tubbs fire in October 2017, according to officials.
“College Creek is an excellent example of how developers, public agencies, and private partners can work together to create more affordable housing,” said Geoff Brown, president of USA Properties Fund. “It has taken a lot of hard work over several years, but we were all committed to making sure this project became a reality.”
USA Properties Fund acquired the 7.4-acre site from the Sonoma County Community Development Commission, one of the partners on the project along with Bank of America and the California Housing Finance Agency (CalHFA).
“We are thrilled to work with USA Properties to help finance the College Creek development,” said CalHFA executive director Tiena Johnson Hall. “This partnership, with such incredible local government support from Sonoma County, is a great model as our state continues to produce affordable housing for struggling families at a variety of income levels.”
College Creek is substantially more affordable than nearby market-rate units in Santa Rosa—and available to more residents at a wider range of income levels thanks to CalHFA’s Mixed-Income Program, according to officials. Under the program, residents earning 30% to 70% of the area median income—about $37,350 to $87,150 for a three-person household—could qualify for College Creek.
The development also serves households of various sizes, with one-, two-, and three-bedroom units. Rents for a one-bedroom apartment range from $723 to $1,761, based on household income, while rents for a three-bedroom home are from $973 to $2,412.
Bank of America provided a construction loan and equity to the $79.5 million low-income housing tax credit development.
College Creek is comprised of a four-story building and two three-story buildings and includes a community room with a kitchen and computer workstations; a fitness room; a swimming pool; on-site laundry facilities; and a tot lot.The apartments feature energy-efficient appliances and light fixtures; ceiling fans; and low-flow faucets, showers, and toilets.
