in 536 truckloads of dirt . The supply chain froze , and they paid an extra $ 300,000 for lumber after costs went up 240 percent . But the complex is slated for completion early next year .
Another city that needs senior housing is Folsom . One-bedroom apartments there were going for almost $ 2,400 a month in July , up about 25 percent since March 2019 , according to rentcafe . com . So in January 2021 the city pitched in a $ 4.5 million loan for Sage at Folsom , a $ 32 million project for those ages 55 and older that ’ s slated to be finished in early 2023 .
It ’ s in a prime market-rate location downtown , walking distance from health care providers , grocery stores , shopping centers and more . It will be powered by solar through a SMUD program , and it includes a community garden , health and wellness center , and a host of other amenities . Built by USA Properties Fund , a family of companies that specializes in affordable housing , the project will have rents priced between $ 450 and $ 1,300 for seniors with incomes between about $ 19,000 and $ 51,000 .
Most project developers and city leaders agree on one idea : With state housing programs oversubscribed , cities usually have to kick in resources to make affordable housing projects go .
Cities also are trying to make developers ’ jobs easier . Vacaville housing services director Emily Cantu says her city council has approved more construction of affordable housing in the last year than she ’ s seen in her 15-year career . And Isom says since 2015 Roseville ’ s housing division has had a housing analyst whose job is to liaise between housing developers and other city departments to smooth the road for their projects .
USA Properties Fund President Geoffrey Brown says he ’ s seeing the difference . “ I think communities better appreciate the role of affordable housing now ,” he says . “ And I think they ’ re embracing it .”
Steven Yoder writes about business , real estate and criminal justice . His work has appeared in The Fiscal Times , Salon , The American Prospect and elsewhere . Online at www . stevenyoder . net and on Twitter @ syodertweet .
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