Foss Creek Apartments
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.