CDF Case Study
Project Scope
Foss Creek Apartments is a 100% affordable 64-unit family-rental project developed by Eden Housing, Inc. located at 20 W. Grant Street in Healdsburg, CA.
Lending a Hand
The 64 units of one, two, and three bedrooms target households earning between 30%-50% of AMI ($24,050– $40,100/yr for a family of four) in Sonoma County. Five units have been set aside for persons/families transitioning from homelessness, and five units have been set aside for other people with special needs such as physical, development disabilities or mental illness.
Helping Finance
SVB provided a $15,379,792 construction loan and committed a $939,000, a 15-year term loan. SVB also received an Affordable Housing Program (AHP) grant from the Federal Home Loan Bank of San Francisco (FHLB-SF) for $384,000 for the project.
Results
Construction was completed in September 2010.