We are thrilled to announce that we recently funded 69th Street Apartments in Sacramento! This transformative project will provide 129 new, affordable homes for individuals and families earning between 30% and 60% of Area Median Income (AMI). This is our third loan in Sacramento since our recent expansion into the county.
We provided mission-driven developer CRP Affordable Housing and Community Development with a $2 million predevelopment loan to support revitalizing commercial property into much-needed housing. This is our fifth project with CRP, and we’re proud to continue working together to create more housing solutions. Thanks to our strong partnership with CRP, we were able to close this loan with remarkable speed and efficiency.
The site is located in a Highest Resource Area as designated by California Tax Credit Allocation Committee (CTCAC) and California Department of Housing and Community Development (HCD), meaning it offers high opportunity levels for in terms of economic, educational, and community resources.
As a redeveloped commercial space, the six-story new construction will bring new vibrancy to the neighborhood. Located near Sacramento State University, the project is surrounded by retail, schools, and transit options. Building amenities designed to enhance daily life include study rooms, children’s play areas, central laundry facilities, and communal spaces for residents to connect. Featuring Energy Star appliances, efficient lighting, and energy-saving design, this project underscores a strong commitment to sustainability.
This is our fifth project with CRP, and we’re proud to continue working together to create more housing solutions. We were able to close this loan with remarkable speed and efficiency, which is a testament to our strong partnership.
We look forward to celebrating the 69th Street Apartments groundbreaking and the positive impact it will bring to the Sacramento community.