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KINGS BEACH, Calif. — After months of planning, years of lobbying and countless speculations, the $33 million Domus affordable housing project has received the funding to begin construction, Placer County officials announced this week.
The California Tax Credit Allocation Committee awarded Placer County about $22.9 million in tax credits to be spread over 10 years — about $2.3 million per year, according to a Wednesday announcement.
“We got it all,” said Meea Kang, lead developer of the Kings Beach Housing Now project at Domus Development, in a Thursday interview. “Were definitely pleased, but we still have a lot of things to do still.”
Kang said she's confident enough of the $22.9 million will easily be sold to shore up project's approximately $17 million deficit.
“This is really the last piece of the puzzle. We pulled off pretty much a miracle in this economic climate,” Kang said.
Outlining the next steps for the project that will create 77 new apartment units at five different sites in Kings Beach, Kang said Domus needs to get final permits from the Tahoe Regional Planning Agency, with groundbreaking to start immediately afterward, sometime around July or August.
Relocation of residents at the five different locations — two units on Brook Avenue, five on Trout Avenue, 12 on Fox Avenue, 18 on Deer Avenue, and 40 on Chipmunk Street — has been ongoing for the last six months and is almost finish, Kang said.
She said construction will focus heavily on grading and environmental Best Management Practice improvements to allow Domus to continue building after October, the official end of construction season in the basin.
“If all goes well we will be completed for our deadline with all the Infrastructure by spring 2012,” she said.
According to a Placer County press release, the project has been a main focus of the county's redevelopment agency, which has spent about $4.65 million acquiring the five properties for the project. The agency also has provided an additional $3.3 million in project funding and obtained two competitive state grants totaling $5.4 million for the project.
“It is truly exciting to see revitalization happening on the North Shore of the lake,” said county supervisor Jennifer Montgomery, represents the county's Fifth District, encompassing North Lake Tahoe. “This housing project is an important and integral part of a larger plan to improve the economic, scenic and quality of life aspects of this area.”
The California Tax Credit Allocation Committee awarded Placer County about $22.9 million in tax credits to be spread over 10 years — about $2.3 million per year, according to a Wednesday announcement.
“We got it all,” said Meea Kang, lead developer of the Kings Beach Housing Now project at Domus Development, in a Thursday interview. “Were definitely pleased, but we still have a lot of things to do still.”
Kang said she's confident enough of the $22.9 million will easily be sold to shore up project's approximately $17 million deficit.
“This is really the last piece of the puzzle. We pulled off pretty much a miracle in this economic climate,” Kang said.
Outlining the next steps for the project that will create 77 new apartment units at five different sites in Kings Beach, Kang said Domus needs to get final permits from the Tahoe Regional Planning Agency, with groundbreaking to start immediately afterward, sometime around July or August.
Relocation of residents at the five different locations — two units on Brook Avenue, five on Trout Avenue, 12 on Fox Avenue, 18 on Deer Avenue, and 40 on Chipmunk Street — has been ongoing for the last six months and is almost finish, Kang said.
She said construction will focus heavily on grading and environmental Best Management Practice improvements to allow Domus to continue building after October, the official end of construction season in the basin.
“If all goes well we will be completed for our deadline with all the Infrastructure by spring 2012,” she said.
According to a Placer County press release, the project has been a main focus of the county's redevelopment agency, which has spent about $4.65 million acquiring the five properties for the project. The agency also has provided an additional $3.3 million in project funding and obtained two competitive state grants totaling $5.4 million for the project.
“It is truly exciting to see revitalization happening on the North Shore of the lake,” said county supervisor Jennifer Montgomery, represents the county's Fifth District, encompassing North Lake Tahoe. “This housing project is an important and integral part of a larger plan to improve the economic, scenic and quality of life aspects of this area.”
