Release: Brunswick Commons Housing project awarded more than $12 million in tax credit financing
FROM A PRESS RELEASE:
Nevada County learned the California State Treasurer’s Tax Credit Allocation Committee (TCAC) awarded $12,185,210 in Federal Nine Percent (9%) Low-Income Housing Tax Credits to the Brunswick Commons housing project. The project is a collaboration between the developers Regional Housing Authority and The Pacific Companies, and the supportive service providers Hospitality House and the Nevada County Health and Human Services Agency. While these partners were already successful with securing $1.5 million dollars of No Place Like Home grant financing for the project in June of 2019, TCAC 9% Tax Credits are critical in securing construction and permanent financing for the project. Both funding sources will be combined with other funding sources to fully fund the 41-unit affordable housing project that will be located at 836 Old Tunnel Road in Grass Valley.
Mike Dent, Director of Nevada County Housing and Community Services notes, “This funding is critical to fully financing this project and will soon bring us 41-units of affordable housing to our community. It has been a true effort in collaboration from many county departments, the City of Grass Valley, our development partners, and Hospitality House staff, and brings us one step closer to seeing this project come to fruition.”
Dan Miller, District 3 Supervisor, adds, “I am excited to see this project moving forward. Residents at Brunswick Commons will have easy access to groceries, services and jobs in Grass Valley while having support services onsite. This project is a great example of many community partners coming together to create needed housing in our community.”
Regional Housing Authority Executive Director Gustavo Becerra states, “We are very excited to have collaborated with a motivated group of partners to bring affordable housing targeting local residents experiencing homelessness. The financing awarded yesterday gets us one step closer to developing an excellent project that is desperately needed in the community. Looking forward to continuing the work to finally see residents move in in 2021.”
When completed, Brunswick Commons will provide 28-units of low-income housing (rent set at 30% of Nevada County’s median income) and 12-units of Permanent Supportive Housing (PSH) for chronically homeless individuals with severe mental illness who are receiving supportive services from the County’s Department of Behavioral Health.
Source: Nevada County Health and Human Services Agency
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