CDF Case Study
Magnolia Park is a 29-unit affordable family housing development located in Napa, Calif. Developed. It was developed by Napa Valley Community Housing. The development consists of four studio apartments, four one-bedroom units, four two-bedroom units, 12 three bedrooms and four four-bedroom apartments. The three- and four-bedroom units are townhouse structures, and the smaller units are two-story flats in three buildings. The complex includes a community room and office, laundry facilities, attractive landscaping, children's play area and both covered and open parking. Each unit has a porch and balcony at the front of the unit.
Lending a Hand
Within Magnolia Park, 28 the units are targeted to households earning up to 50-60 percent of Area Median Income (AMI), or an annual income between $39,800–$47,760. One unit is dedicated to the property manager. Several of the units were set aside for farm worker housing.
Silicon Valley Bank privately purchased tax-exempt bonds in the amount of $4.5 million for construction and converted the construction bonds to permanent financing of $1.6 million.
Magnolia Park opened in October 2005.
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