In wine country, Housing Trust is teaming with the Northern California Community Loan Fund to provide a $5 million revolving line of credit for Burbank Housing to provide support for affordable housing in Santa Rosa and Napa. Housing Trust is a 50% participant in the loan for up to $2.5 million.
A year ago the Wine Country fires destroyed 8,900 structures including 5,000 homes. The severity of the fires, coupled with the fact the housing market was already very tight before the destruction, has caused rents to increase and prices of nearby homes to climb. Burbank Housing currently has 11 development projects in the pipeline including multi-family renters, affordable homes, rental homes for seniors and rehab projects for permanent supportive housing. Burbank’s mission is to provide quality affordable housing in the North Bay.
The need for housing in the North Bay is more urgent than ever. The line of credit will help provide much needed housing in Sonoma and Napa Counties and Housing Trust is thankful to partner with Burbank to help our neighbors rebuild.