The Hope Way Apartments project in Penryn took a step forward this week when the Placer County Board of Supervisors approved more than $7 million in funding for phase one of the project.
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.
Placer County said the apartments will serve lower-income households and that affordability restrictions will be in place for 55 years.
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.
The entire Hope Way Apartment project was approved by county officials in January and plans to bring 240 affordable units to the 11-acre vacant land.
Phase two of the project plans to build the remaining 108 units.
Neighbors have pushed back on the project, saying it's the wrong location and would change the character of their small community. A lawsuit was also filed in an effort to halt the project, claiming Placer County failed to properly follow the California Environmental Quality Act (CEQA).
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.
Placer County said the preliminary funding action established the framework for negotiations on a possible $8.9 million county loan. All supervisors except for Suzanne Jones approved the potential funding agreement.
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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