City helps bring affordable housing to Sacramento's R Street Corridor
Badly needed affordable housing is coming to the R Street Corridor, thanks to a vote by the Sacramento City Council Tuesday to lend the developer $3.3 million.
The six-story apartment building at 1717 S. Street will add another 159 units of housing on a piece of vacant land just behind the booming Ice Blocks development on R Street. Half of units will be designated as affordable to people with various levels of income.
“This project will deliver badly needed affordable housing in Sacramento’s core, where many jobs are being created but where high rents have priced out many of the workers who fill those jobs,” said Mayor Darrell Steinberg.
He said the project is part of the affordable housing legacy of Ali Youseffi, who was initially working with the Capital Area Development Authority but died in March at the age of 35.
Seventy-nine of the units will be market rate, but 43 percent will be restricted to extremely low-income tenants — those making no more than 50 percent of the area median income. Another 21 units will be reserved for those making no more than 80 percent of the area median, and another 15 units will be for those with incomes no higher than 120 percent of the median.
The building will have ground floor retail and a two-level parking garage.
CADA is partnering on the project with the Youssefi family’s CFY Development Inc., which bought the now vacant parcels of land in 2017.
The California Housing Finance Agency will be providing $38.6 million in permanent financing and will be voting soon on a staff recommendation for an additional $3.28 million.
Construction is expected to start in summer or early fall of 2019.