A $1,654,000, 15-year refinancing loan to Burbank Housing Development Corporation is the first loan made in Sonoma County by the Housing Trust, and part of our effort to reach communities underserved by CDFIs. With this long-term financing in place for Old Elm Village in Petaluma, the 87-apartment complex will be able to remain as an affordable housing option for very low and low income individuals and families.
Old Elm Village was built in 2001 and includes 87 affordable townhomes, the 4C’s Child Care Center, and the Petaluma Police Department. It is a highly desirable location for families because of its proximity to schools and shopping. A community room on the property is also the home of the Boys and Girls Club of Petaluma.
The refinance will free up funds for immediate and future repairs while preserving and extending affordability. Housing Trust is pleased to be working with Burbank Housing, a 30 year old nonprofit dedicated to building quality affordable housing in Sonoma County. Burbank has built more than 2,800 affordable rental units in 60 properties, and built and sold more than 800 affordable homes.