The funding commitment for phase one, which was unanimously approved and totaled up to $7.26 million, is for 131 rental units and a manager's unit at 3130 Penryn Rd.
The county's loan will be repaid over 55 years at 3% simple interest annually. Placer County said the funding is derived from Bickford Ranch affordable housing in-lieu fees. The funding will not impact the county's general fund.
Phase two of the project plans to build the remaining 108 units.
At their meeting this week, Placer County supervisors also approved the framework for another housing project, called Destination at Placer One. This project aims to bring 360 apartments, including dozens of units for extremely low-income households and more than 280 units for low-income households.
The final funding commitment for the Destination at Placer One will require additional board approval. The project will also need to secure the remaining financing.
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