Cashin’s Field, an affordable housing project consisting of 51 units of workforce housing, is one step closer to breaking ground in Nevada City after the Nevada County Board of Supervisors unanimously approved resolutions authorizing a loan to developer for the project and to accept Local Housing Trust Fund matching funds on April 13.
The project, located on Ridge Road, will be a mix of one, two, and three bedroom apartments with rents aimed at 30%-60% of area median income. The project, led by Nevada City with close collaboration with the Nevada County’s Housing and Community Services Department, plans to start construction June 1, 2021. It will utilize a loan of $1,575,000 of Western Nevada County Regional Housing Trust Fund funds to the developer. These funds are comprised of Permanent Local Housing Allocation Funds awarded to Nevada County and Nevada City, State Local Housing Trust Fund matching award from the state for both jurisdictions, and County general funds previously authorized for the project.
Cashin’s Field is the first to utilize funding through the Western Nevada County Regional Housing Trust Fund (WNCRHTF), which is a combination of state and County general funds accessible to multiple jurisdictions for development of affordable Nevada County housing options. The WNCRHTF is a collaboration between the City of Nevada City, the City of Grass Valley, and the County approved by the Board of Supervisors on July 14, 2020 and allows more flexibility for state and local funds to be used for housing development. Nevada County is the collaborative applicant for all three jurisdictions for the Permanent Local Housing Allocation allocations awarded to the jurisdictions, and the California Department of Housing and Community Development provided a matching grant.
“This structure allows collaboration between jurisdictions and flexibility of funds, which removes some barriers for housing projects and infrastructure to support those projects.” Says Housing and Community Service Director, Mike Dent.
Funds can be used for construction loans and/or permanent financing loans to pay for predevelopment costs, acquisition costs, and other costs associated with development or rehabilitation of affordable rental housing projects, emergency shelters, permanent supportive housing, transitional housing, or affordable homebuyer/homeowner projects, including assistance to income-eligible households to purchase for-sale units. Funds may also be used for the construction, conversion, repair, reconstruction or rehabilitation of accessory dwelling units. The WNCRHTF administers these funds for local projects.
The WNCRHTF is tracking Permanent Local Housing Allocation year-2 funding to be awarded later this year and will seek out future a mutually agreed upon project in the City of Grass Valley for future funding at it’s second project.