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North Creek Crossings – Phase 2

North Creek Crossings Phase 2 in partnership with Butte County Affordable Housing Development Corporation, an instrumentality of the Housing Authority of the County of Butte, have commenced construction on an affordable multifamily housing community consisting of 54 units including a manager’s unit and containing one, two- and three-bedroom units. The 54 units include 13 one-bedroom units, 24 two-bedroom units, and 17 three-bedroom units which includes 1 three-bedroom manager unit. 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). The Housing Authority of the County of Butte has also committed Project Based Section 8 Vouchers to the development. Construction is expected to be complete in the fall of 2023.

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.

Project Type

Under Construction

Units

54

Location

Chico, CA (Butte County)

Year

Estimated Completion Fall 2023

IRR

9% LIHTC