Comstock's magazine 0119 - January 2019 - Page 30

evelopment ea D r Au A tho tol i ri ap n DISCOURSE 1 12/6/2018 2:13:56 PM affordable housing. Then as everyone We have a first-time homebuyer assis- housing was being built. So one of the come individuals who fall within the knows during the Great Recession, no things the City and County looked at was: How can we make things easier for developers to get back into the game? So the inclusionary changed from a flat 15 hb 7 ig orh o o d B u il d e r s S i n c 9 e 1 CADA focuses on turning under-utilized and sometimes contaminated sites into productive, environmentally, financially and socially sustainable mixed-use developments and provides excellent property management. percent to a fee based on how large the development is, how many units are going to be built, and those fees then go into one big pot that we use to do gap financing. That’s where a developer may come in and want to provide affordable housing but he has a gap in terms of the amount of money to make the project a go; we come in and provide financing for that gap. In exchange, we receive a long-term com- mitment for affordability on those units, up to 55 years. C What more is needed from the pub- lic sector to ensure that public and private sectors are maximizing their impact? M Y CM MY CY CADA’s History Since inception, CADA has renovated or built 1,682 residential units, 38 hotel units, and over 27,000 SF of commercial space in downtown Sacramento. CMY K Boarded up for about a decade, Park Mansion (above) was the first of CADA’s rehabilitation efforts in downtown Sacramento. One of the things that probably most people don’t realize is that in order to do affordable housing, it really does re- quire a public and private partnership. It’s not something that can be done by government alone. What has to happen on the government side is we need to be sensitive and hear what is needed: What do developers need? What are barriers to them getting into affordable housing? Our responsibility is to provide a high level of good customer service, a high level of un- derstanding that time is money. Projects need to move fast and we have to make sure that process is very streamlined, and to bring the resources to the table. Coming soon! 1717 S Street, a 159-unit apartment building, is designed to provide walkable urban living residences to affordable and market rate households. w w w. cadanet.o rg 30 | January 201 9 It’s a tough time to be a prospective first-time homebuyer due to low in- ventory for entry-level priced homes. What programs does SHR A offer to assist these homebuyers? tance program … geared toward low-in- income brackets that have been estab- lished. In addition, we have homes that were a part of our inventory that had fallen into some level of disrepair, so we [are doing] a total rehab of those units, to bring them up to pristine quality in condition, and those are only reserved for low-income buyers through what we call our Welcome Home Program. One in- dividual had made over a hundred offers, until finally they found out about this program, because they were constantly being beat out by investors. They were able to get in and get their first home. What’s the status of the Twin Rivers public housing redevelopment proj- ect? That’s my favorite project. Twin Rivers is an exciting opportunity we’ve been working on for a very, very long time, and things are finally starting to move. It is a development that has been there for over 70 years … in the middle of this industri- al area [north of downtown] is a housing complex — 218 public housing units. Our goal is to start over because the housing had gotten to a situation where we needed to stop repairing it and to demolish and start over, and also grow that community in terms of density. We are going from 218 to almost 500 units, and it will be a mixed-income community. We will have some public housing, some workforce housing, some market rate housing all intermixed, so there is no ‘that’s where those people live.’ It’s a total new com- munity that will be anchored by a new transit stop. We’ve been working closely with RT and looking at different ways where people will be able to get around that neighborhood — a light rail stop, ridership-on-demand, Jump bikes, you name it, we will want to include that as