Projects > Rental > Project
Santa Rosa, CA, 2003
A 129-unit rental project for low-income senior citizens.
Santa Rosa Vintage Zinfandel Senior Project is a joint venture between Northbay Family Homes, Suburban Alternatives Land Trust and USA Properties Fund, Inc., of Roseville, California. The 3.3-acre site houses a $13-million-plus, 129-rental-unit tax-credit project, 100 percent of which is targeted at low-income senior citizens. It is located in the city of Santa Rosa, California.
USA Properties Fund had most of its project approvals to build Vintage Zinfandel and had met substantially all of the local entitlement requirements and approvals with which to pull permits. The project stalled, however, because USA Properties lacked local financial commitments to present to the state tax credit committee to prove there was local financial support. Neither the City of Santa Rosa nor local nonprofits were willing to put financial resources into a project they saw as a for-profit venture.
Northbay Family Homes convinced the staff of the City of Santa Rosa to make the finding that this project did indeed meet a sub-paragraph of their own unmet needs for senior citizen low-income rental housing. We further guided City staff to recommend a $600,000 loan toward the project for 30 years. That recommendation was sufficient to meet the state's requirement for local financial support.
Because Northbay Family Homes agreed to serve as Managing General Partner of Vintage Zinfandel, LP, the project became eligible for a Sonoma County property tax exemption. The entire project was built with the same amount of money that USA Properties Fund had expected.
Northbay Family Homes also was involved in facilitating the take-out financing. As Managing General Partner we facilitated a construction and a take-out loan package together.
As Managing General Partner we will remain with the project for a minimum of 15 years in order to meet the tax-credit compliance requirements. A private-sector company, USA Multifamily Management, has been hired to perform the on-site management.
Our involvement in Vintage Zinfandel included the following services from our Seven Points of Entry in real estate development: