Bank of America Financed the Construction Underway on 164-Unit Affordable Apartment Complex at Former Water Agency Site in Santa Rosa
Construction is underway on a 164-apartment affordable housing project at an abandoned government office complex on the west side of Santa Rosa.
Roseville-based USA Properties Fund broke ground this week on the College Creek apartment complex at 2150 West College Ave. near the Finley Community Center.
After years of development setbacks, Sonoma County’s top housing agency in 2020 agreed to partner with USA Properties to transform the 7.4-acre site into affordable housing. The property was once home to office buildings for the Sonoma County Water Agency.
The $69 million project is expected to open by fall of next year. It’s being financed by Bank of America and the California Housing Finance Agency, a state body that makes loans for affordable developments.
The complex set to be USA Properties’ the sixth affordable apartment development in Santa Rosa, including the nearby Vintage Zinfandel senior apartments
Renters earning 30% to 70% of the area’s median annual income – about $24,450 to $57,050 for one person, or $34,900 to $72,310 for a family of four – should qualify for College Creek.
Prospective tenants will likely be able to apply starting next summer. More information about applying to USA Properties projects can be found at https://www.usapropfund.com/communities.