Affordable Housing Loan Program for Developers
The City of Elk Grove aims to create housing opportunities affordable to all residents by offering assistance to residential developers through the Affordable Housing Loan Program. As a progressive community, Elk Grove has realized the need for creating housing units that are affordable to individuals and families of various income levels, and utilizes this program to achieve this end.
The Affordable Housing Loan Program provides financial assistance to experienced residential developers interested in building properties that are affordable to persons at very low- and low-income levels. The program is supported by the accumulation of residential and non-residential development impact fees paid by project developers at building permit issuance.
The overall purpose behind the Affordable Housing Loan Program is to provide developers who are unable to secure all financing from non-City resources with the financial support needed for development of projects. Program goals include establishing high quality, well-designed, and energy-efficient affordable housing.
As of early 2014, the City has financed twelve new affordable apartment projects in areas throughout the City. When the balance of the Affordable Housing Fund is sufficient to support a new project (generally $5 million), the City releases a Request for Proposals. Interested developers may submit one or more proposals, and the City Council may ultimately select one or more projects to receive low-interest, long-term loans as supplemental project financing. Information on eligible projects and submitting a proposal will be included in the Request for Proposals.
Developers may request to be added to the circulation list for any future Requests for Proposals. To be added to the list, or for additional information, please contact:
Sarah Bontrager, Housing Program Manager
Affordable Housing Loan Program Guidelines
(916) 627-3209 | email@example.com