$4 million awarded to town for affordable housing
Construction of additional affordable housing in Truckee will begin in summer 2007 with the help of a $4 million state grant awarded to the town to develop Frishman Hollow, a 9.5-acre lot located on the corner of Alder Drive and Highway 89 north.
Truckee was awarded the grant from the California Department of Housing and Community Development Loan and Grant Committee as part of the HOME Investment Partnership Program. More than 35 communities in California applied for the affordable housing funding.
“We’ve really been on pins and needles until now,” said Andrea Clark, vice president of Pacific West Communities, the organization that has partnered with the town and the Workforce Housing Association of Truckee Tahoe (WHATT) on the Frishman Hollow project.
With an $11 million estimated budget for the project, every piece of funding is just as important as the other, said Rachelle Pellissier, executive director of WHATT. She said it would have been a scramble to find the money to fund Frishman Hollow without the grant.
The grant funding enables construction of the first phase of the affordable housing complex to begin by early summer, Clark said. Approved by the Truckee Planning Commission in August, the first phase will include eight four-plex buildings with a total of 32 units. Once the project is completed, there will be a total of 60 to 70 units.
It usually requires about four or five different sources of funding to finance an affordable housing project like Frishman Hollow, Clark said. The property site was donated to Truckee by East West Partners as part of the Gray’s Crossing specific plan approval process. A community development block grant of $1.5 million was given to the town in 2005 to provide infrastructure development, a trail from Alder Drive to Donner Pass Road, and road improvements to the property.
Developers of Frishman Hollow are hopeful the project will also receive roughly $5.2 million through a federal finance funding program to cover costs for the other building phases, Clark said.
“Development in Truckee is expensive, whether it’s market-rate or affordable homes,” Clark said.