Affordable housing: Placer Co. approves $7.9 million bump to North Tahoe project
March 18, 2010
KINGS BEACH, Calif. and#8212; The Domus affordable housing project made financial headway this week when the Placer County Redevelopment Agency approved $7.9 million to go to the $33-million project.
The $7.9 million bumps the projectand#8217;s total funding to about $16 million.
and#8220;This is a landmark approval for our redevelopment agency,” said James Lobue, Redevelopment Deputy Director. and#8220;It will be the first new affordable housing ever built in Placer County in North Lake Tahoe.and#8221;
Meea Kang, lead developer of the Kings Beach Housing Now project at Domus Development, which aims to construct 77 units of rent-controlled housing at five locations in Kings Beach, said she hopes to obtain the remaining $17 million through Federal Low Income Housing Tax Credits. If her application to the California Tax Credit Allocation Committee is successful, the project will break ground in August.
Previously, construction was to begin in May; however, Kang said it was pushed to allow time for the tax credits to be approved and eventually to sell the credits to lenders.