At their October 2018 meeting, the Santa Rosa Housing Authority committed $3.7 million dollars of federal and local funds as loans to Burbank Housing Development Corporation, a local affordable housing developer, for two affordable housing developments. The projects were selected from 11 applications which requested a total of $22 million, over five times the amount available. One funding award in the amount of $2.6 million will convert Parkwood Apartments, an existing 56-unit garden apartment development in Rincon Valley, from market rate to affordable housing. The acquisition will secure affordable rents for existing and future tenants for 55 years. The Housing Authority also approved a $1.3 million loan to help construct Lantana Place, 48 single family ownership homes in Southwest Santa Rosa. After the homes are built, the funds will convert to low interest mortgage assistance loans for the homebuyers.
The Parkwood Apartments conversion is expected to take place in early 2019, and the Lantana Place project is expected to break ground in mid-2019.
The purpose of the Santa Rosa Housing Authority is to ensure adequate, decent, safe and sanitary housing within Santa Rosa for income-eligible households consistent with federal, state and local funding programs. Rental units are targeted to households earning up to 60% of Area Median Income (“AMI”), and homeownership units are targeted to households earning up to 120% AMI. The Housing Authority oversees the Santa Rosa Housing Trust, which partners with many private and public sector organizations to develop, rehabilitate and preserve affordable housing and to convert market rate housing to affordable housing. The Trust has sponsored over 3,700 units in Santa Rosa, representing over $116 million invested in affordable housing in Santa Rosa.