FOLSOM, Calif. — Last week Folsom City Council conditionally approved a $2.7 million loan for the construction of 52 affordable housing units.
The loan was awarded to West Development Ventures, an affiliate of Pacific West Communities Inc., so it can develop its Harrington Grove project along Harrington Way in Folsom, which is south of East Bidwell Street and west of Blue Ravine Road, according to city documents.
The loan is conditional upon the developer securing a 4% low-income housing tax credit in August 2024, according to the city’s resolution. The money comes from the city’s designated housing fund and won’t affect the city’s general fund, city staff said.
City staff said developers plan to offer multifamily rental housing within two residential buildings; there are plans for one-bedroom units of 600 square feet, two-bedroom units of 860 square feet and three-bedroom units of 1,118 square feet.
Developers reportedly placed the site half of a mile away from several amenities including:
- Grocery stores: Sprouts and Trader Joe's.
- Retail stores: Target and Petco.
- Another shopping center: Trail Creek Crossing.
- Health care facilities: Mercy Hospital, Bare Pharmacy and Kids Care Dental.
- Humbug Willow Creek Trail, a bike and pedestrian pathway.
Units will be income and rent restricted at levels between 30% and 80% area median income; Folsom’s median family income was $113,900 in spring 2023, the city said.
Other Folsom affordable housing programs
Folsom notified the community via social media Thursday of a first-time homebuyer opportunity in the Historic District.
Habitat for Humanities of Greater Sacramento, a housing nonprofit, is accepting applications to buy one of 10 single-family homes along the 300 block of Persifer Street. The project is the nonprofit's first time in its 38-year history developing in Folsom, according to Leah Miller, Habitat’s president and CEO.
Other affordable housing programs in Folsom include:
- Seniors helping seniors home-repair program, which assists homeowners who don’t have financial resources to complete repairs on their single-family or mobile home.
- While no new units are planned for the program, Folsom has offered a resale program in the past, meaning when current homeowners decide to sell units, they must sell them to other very low- or low-income buyers at an affordable price set by the city.
Folsom Oaks Apartments also have 18 affordable transitional rental units.
Affordable rental housing in Folsom can be found at the following places listed HERE.
Past loans
In the last 21 years, Folsom has provided affordable housing loans across 10 projects:
- In 2003, it awarded roughly $2 million to the Vintage Willow Creek project.
- In 2007, it awarded roughly $1.4 million to the Creekview Manor project.
- In 2009, it awarded roughly $1.2 million to the Mercy Village remodel project.
- In 2011, it awarded roughly $3 million to the Forestwood project.
- In 2012, it awarded roughly $4 million to the Granite City project.
- In 2019, it awarded roughly $5.3 million to the Bidwell Pointe project.
- In 2019, it awarded almost $4.7 million to the Parkway (Peterson Place) project.
- In 2021, it awarded roughly $4.1 million to the Bidwell Place project.
- In 2021, it awarded almost $2.8 million to the Scholar Way (Sage) project.
- In 2021, it awarded almost $6.9 million to the Mangini Place project.
