The Sutter County Affordable Housing Board (SCAH) took action Monday to allow the construction of a 32-unit housing development in Live Oak to begin.
Board members authorized a special purpose entity (LLC) to act as managing general partner of the project and also approved to enter into all necessary loan documents for the State Department of Housing and Community Development Multifamily Housing Program, according to Executive Director of the Regional Housing Authority Gustavo Becerra.
He said the project targets low-income families making up to 60 percent of the area median income. The median income for a family of four in Sutter County is $69,700, according to the California State Treasurer.
“We are looking to close our construction financing in a couple weeks and start construction soon thereafter,” Becerra said in an email.
The current project is phase three of development on the corner of N Street and Kristen Street, Live Oak. Phase one was completed in 2016 and included 56 units and total development costs of $16,454,000. The second phase was completed in July 2020 and included 24 units and total development costs of $9,574,000. Phase three is estimated to be completed in November or December 2022 depending on weather. Total development costs on phase three are estimated to be $16,727,000, according to Becerra.
He said total development costs equate to all associated costs in development including land costs, hard construction costs, all soft costs but not limited to architecture, engineering, local impact fees, legal fees, environmental fees, tender fees, Pacific Gas and Electric Company engineering fees, building permits, market studies, capitalizing reserves, and insurance.
In other business:
– Members nominated and approved Brynda Stranix to stay on as the Sutter County Affordable Housing Board president. Board member Suzanne Gallaty was nominated and approved as vice president of the board.