Today, the City of Nevada City learned the California State Treasurer’s Tax Credit Allocation Committee (TCAC) awarded $25.8 million in Federal Nine Percent (9%) Low-Income Housing Tax Credits (yielding approximately $22.4 million in investor equity) to the Cashin’s Field housing project located at the corner or Ridge Road and Zion Street in Nevada City.
“Nevada City has been in need of affordable housing for an extremely long time,” said Nevada City Mayor Erin Minett. “The community, city and council are in total support of this project and are ecstatic about the 51 affordable housing units that are coming into the community. Today’s funding approval was a definite win for Nevada City. We are all excited to see this project moving forward.”
The project is a collaboration between the developers: Regional Housing Authority, and Affordable Housing Development Corporation, the City of Nevada City and the County of Nevada. TCAC 9% Tax Credits are critical in securing construction and permanent financing for the project. The funds will be combined with other funding sources to fully fund the 51-unit affordable housing project that will focus on workforce housing for families and will be located at 170 Ridge Road in Nevada City.
“We’re excited to see this project move forward in Nevada City,” said Nevada County Board of Supervisors Chair Heidi Hall. “Many struggle to find housing options available within their budget and in town. Cashin’s Field will help provide needed affordable workforce and family housing to the area along with amenities like play areas and green space.”
“The addition of 51-units of affordable housing in Nevada City will help fill a critical void for the community,” added Regional Housing Authority Executive Director Gustavo Becerra. “We are excited to be a part of this great team who in partnership succeeded in securing a large portion of the financing needed to develop the project.”