Title
Scotty Station Apartments: Approval of Construction and Permanent Loan Documents between Sacramento Housing and Redevelopment Agency and Chelsea Investment Corporation, Inc. or Related Entity, in the Amount of $4.1 Million
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FileID
File ID: 2026-00677
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Location
Location: 1601 69th Street, District 6
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Recommendation
Recommendation: Adopt a City Council Resolution: 1) approving the $4.1 million Construction and Permanent Loan Agreement utilizing the HOME Investment Partnership Program (HOME), Mixed Income Housing Funds (MIHF), Permanent Local Housing Allocation funds (PLHA), and Housing Trust Fund (HTF), and related documents between Sacramento Housing and Redevelopment Agency (SHRA) and Chelsea Investment Corporation or related entity (Developer) for Scotty Station Apartments formerly River City Apartments (Project); 2) authorizing SHRA to negotiate, enter into, execute, transmit, and amend as needed the Loan Documents to the Developer and perform other actions; 3) authorizing SHRA to amend its budget and lend $4.1 million in HOME, MIHF, PLHA, and HTF funds for construction and permanent financing of the project; and 4) making environmental and other related findings.
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Contact
Contact: Christine Weichert, Director of Development Finance, (916) 440-1353, cweichert@shra.org, Sacramento Housing and Redevelopment Agency
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Presenter
Presenter: None
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Attachments
Attachments:
1-Description/Analysis
2-City Council Resolution - Loan Documents Approval
3-Exhibit A - Construction and Permanent Loan Agreement Documents
4-Vicinity Map
5-Rendering
6-Site Plan
7-Residential Project Summary
8-Project Cash Flow & Pro Forma
9-Maximum Income and Rent Limits
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Description/Analysis
IssueDetail
Issue Detail: In January 2024, Chelsea Investment Corporation, Inc. (Developer) applied to the Sacramento Housing and Redevelopment Agency (Agency) for funding River City Apartments, now renamed to Scotty Station Apartments (Project...
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