A 45-unit multi-family affordable housing development could be coming to 1820 Rumrill Blvd. in San Pablo.
The City of San Pablo is offering a half-acre of undeveloped land at the corner of Rumrill and Market Avenue for sale to a developer that will build and manage new rental housing units. The property could include a commercial component as well.
Novin Development Corp. is proposing to construct a 45-unit, 100-percent affordable development with “rents that do not exceed 60 percent of the area median income,” according to city documents.
At its meeting tonight, the San Pablo City Council will consider adopting a resolution to authorize the city to enter into an exlusive negotiations agreement with Novin that will aim in part to determine the developer’s purchase price for the city-owned site.
“The proposed project will be financed with equity generated through the syndication of 4 percent low-income housing tax credits (LIHTC), a permanent amortizing tax-exempt bond loan through the California Debt Allocation Committee (CDLAC), as well as a land contribution from the City and an approximately $1,000,000 gap loan provided by the City from the Low-to-Moderate Income Housing Fund,” according to city documents.
The project could add housing units that will count toward the city’s compliance toward its state-mandated Regional Housing Needs Allocation.
