North Creek Crossings – Phase 1
North Creek Crossings at Meriam Park in partnership with Butte County Affordable Housing Development Corporation, an instrumentality of the Housing Authority of the County of Butte, have started construction on an affordable multifamily housing community consisting of 106 units including a manager’s unit and containing one, two- and three-bedroom units on approximately 3.8 acres. The 106 units include 26 one-bedroom units, 53 two-bedroom units, which includes 1 two-bedroom manager unit and 27 three-bedroom units. One hundred percent of the units will be rent restricted to residents with incomes ranging from 30% to 60% of the area median income.
North Creek Crossings was financed in part with 2020 Disaster Recovery Tax Credits as part of the Further Consolidated Appropriations Act, 2020 (FCAA) that provided TCAC 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, the City of Chico provided essential funding as well as Wells Fargo Bank (construction lender), R4 Capital (tax credit syndicator), and Berkadia (Permanent Lender). This project started construction in July of 2021 and is expected to be complete in the Spring of 2023.
The Project will have a 3,921 square foot Community Building that is proposed to include a fully furnished multipurpose room with television and video capabilities, a kitchen, restroom facilities, and multiple office spaces. The development will also provide natural and recreational open space with a network of walkways and plazas connecting the site, along with barbeque/picnic areas for the residents.
AHDC has a long-standing working relationship with the City of Chico and the Housing Authority of the County of Butte. We worked together in 2004 to develop the iconic 1200 Park Avenue which has served as a catalyst for redevelopment in the downtown Chico core. In addition, we have developed and still own and operate 180 units in Chico that the City uses as examples of quality, attractive, affordable housing.
Estimated Completion Spring 2023