Bond Housing Projects

The voters approved $6 million for housing/neighborhood development. As of December 31, 2015, two proposals have been approved, totaling $2.85 million, or 47.5%, of the housing/neighborhood development bonds.

Pepper Building

104 W Fourth Street
Bond funding: $1.6 million

The developer, Coe Pepper LLC, is proposing to use the first floor for commercial development, including a restaurant, and convert the upper floors into 54 units of rental housing:

  • 44 one-bedroom/one-bath
  • 5 studio/one-bath
  • 5 two-bedroom/two-bath

Units will range in size from 310 to 786 square feet, and market-rate rents will range from $675 to $1,218 per month.

Affordable Housing Allotment

The developer has agreed to set-aside six of the 54 units (11% of the project) for workforce eligible tenants for a period of time equal to the loan term. The six units will rent for $575 per month and are affordable to households with incomes below 80% of area median income.

Cost

Projected total project cost is $7,952,766 and funding sources would consist of bank financing, federal and state historic tax credits, equity from the partners, and the City financing of $1,600,000 in bond funds.

757 North Apartments

757 North Chestnut Street
Bond funding: $1.25 million

The developer, Laurel Street Residential LLC, is proposing to build a 115-unit multifamily rental development, consisting of:

  • 14 studio units
  • 18 two-bedroom units
  • 83 one-bedroom units

Unit size will be 500 square feet for the studio units, 615 to 766 square feet for the one-bedroom units, and 811 to 1,005 square feet for the two-bedroom units. Market rate rents will range from $1,045 to $1,445 per month.

Affordable Housing Allotment

The developer has agreed to set aside a minimum of 25% of the 115 units (29 units) as workforce housing units for households earning 80% of the area median income for ten years, consisting of 14 studio units renting for $757 per month and 15 one-bedroom units renting for $841 per month. After the initial ten-year affordability period, a minimum of 15% of the units (17 units) will be available as workforce housing units for households earning 80% of the area median income for an additional 20 years.

Cost

Projected total project cost is $15.0 million, and funding sources would consist of bank financing, equity from an equity partner and the developers, the land grant from the City approved November 16, 2015, and City financing of $1,250,000 in bond funds.

Development Partnership

Laurel Street Residential is partnering with Goler Community Development Corporation (CDC) to develop the remaining parcels in Goler CDC's Patterson Avenue project.