Affordable Housing Development Corporation (AHDC) together with our partner, Building Better Partnerships, an instrumentality of the Regional Housing Authority are co-developing and started construction on a multi-family apartment community, located at 170 Ridge Road known as Cashin’s Field in central Nevada City, California. The development contains 51 units of low-income affordable housing serving income qualified residents in Nevada City and the surrounding areas. The proposed development will include 11 one-bedroom, 26 two-bedroom, and 14 three-bedroom units including a manager’s unit. Also featured on site is a community building with managerial/leasing offices, multi-purpose lounge, kitchen, and outdoor gathering spaces. 100% of the units will be rent restricted for qualified residents with income ranging from 30% to 60% of the area medium income for a 55-year affordability period.
Cashin’s Field was financed in part by 2020 Disaster Recovery Tax Credits as part of the Further Consolidated Appropriations Act, 2020 (FCAA) that provided CTCAC with additional 9% federal tax credits for multifamily housing projects in certain disaster areas, in recognition of the 2017 and 2018 wildfire disasters occurring in California. In addition, other funding sources include: the City of Nevada City, the County of Nevada, HCD PLHA funding, and Regional Housing Authority. Other financing partners include: Wells Fargo Bank (construction lender), R4 Capital (tax credit syndicator), and Berkadia (Permanent Lender). This project has been a collaboration between the City and the County along with input from the community relative to incorporating the community design. This project started construction in June of 2021 and is expected to be complete by early 2023.
From the beginning, this project has been a 100% collaboration between the City of Nevada City and Nevada County. They share the mutual intention to provide financial and community support for this desperately needed affordable housing development in their community and to ultimately provide homes for the residents that serve as the heartbeat of their community.
Nevada City, CA