Low-Income Housing On Ygnacio Valley Goes To Walnut Creek City Council

WALNUT CREEK, CA — The Walnut Creek City Council on Tuesday night will decide whether to endorse an affordable housing project on Ygnacio Valley Road with a letter meant to help the non-profit developer get funding.

Resources for Community Development (RCD) wants to develop a 100 percent affordable mixed-use project at 699 Ygnacio Valley Road, at the southwest corner of Ygnacio and North Civic Drive.

RCD wants to build a four-story, 97-unit project on a 0.86-acre parcel that formerly held a gas station. The site has been cleaned up and cleared by the state Water Resources Control Board for mixed residential-commercial development.

The project received its planning entitlements in March 2021, and RCD is currently applying for financing. Staff recommends the council authorize Mayor Matt Francois to sign the letter.

The project would include 97 new units affordable for extremely low- and low-income households, with incomes between 20 and 60 percent of the area median income. The total project development cost is estimated to be $70 million, according to a city staff report.

The city has committed $10.5 million in affordable housing funds toward the project.

The proposed financing plan also includes funding from several other sources, including low income housing tax credits through the California Tax Credit Allocation Committee, a four percent tax credit alongside funding from the State's Affordable Housing and Sustainable Communities and No Place Like Home programs, HOME funds through Contra Costa County, and private conventional financing.

According to the staff report, RCD will continue to apply for additional financing throughout 2022 and 2023. If successful, "RCD could apply for tax credits in early 2023 and commence construction by summer or fall of 2023. On that timeline, the project could potentially be ready for residents to move in by summer 2025."

The item is on the council's consent calendar, meaning it's considered routine.

The Walnut Creek City Council meets at 6 p.m. Tuesday at the council chambers at city hall, 1666 North Main Street in Walnut Creek. The meeting can be seen remotely on the city's YouTube channel at https://www.youtube.com/cityof... or at https://www.walnut-creek.org/g...

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