Posted to City Manager's Updates on October 25, 2013 at 3:28 PM by Suzanne Iarla
Resources for Community Development (RCD) has assembled all the financing needed to begin construction on the 57-unit Ohlone Gardens mixed-use project at 6431 and 6495 Portola Drive. In Spring 2013, the project received a commitment of $1,440,000 in federal HOME funds from Contra Costa County. Most recently, on September 25th, the State Tax Credit Allocation Committee awarded the project a $16 million tax credit allocation through the extremely competitive 9% Low Income Housing Tax Credit program.
RCD is currently preparing their building permit submittal and aiming for submittal to the City in December. Community Development staff is working with other City departments to ensure coordination of review on this major project. RCD plans to close construction financing and start construction on this $26 million project in March 2014. Housing Program staff will be working closely with RCD and other project investors and lenders to close on all financing needed for a timely construction start.