Fresno Housing Authority is planning to add two more affordable housing developments to its portfolio with the help of funds from the city of Fresno.
The City Council voted on Thursday to provide $6.5 million to Fresno Housing, as long as the agency receives low-income housing tax credits from the state for two separate projects that would bring a combined total of 123 affordable housing units to the city.
One project, Avalon Commons, is a proposed 60-unit development at 7521 N. Chestnut Ave. that will receive $3 million. The other – a 63-unit development at 1240 N. Crystal Ave., presently the location of the Step Up at 99, a transitional housing shelter – will receive $3.5 million – amounting to roughly $50,000 and $55,000 per unit.
Step Up on 99 is one of the several shelters funded by Project Homekey which eventually becomes permanent housing.
The money, which comes from the Permanent Local Housing Allocation fund, would serve as a 55-year, 3% interest loan to Fresno Housing and will only be awarded if the projects receive low-income housing tax credits from the state.
The move comes after the City Council voted to support a $6.2 million loan for a 120-unit affordable housing complex proposed by Ed Kashian and Sal Gonzales.
Fresno Housing Authority was not immediately available for comment.