The Stockton Record’s artcile, “New Affordable Housing Projects In Line For $2.6M Boost” reports about our upcoming project, the Medici Artist Lofts. Record Staff writer, Roger Phillips reports about the new development in downtown Stockton.
STOCKTON – Completing a four-month competitive process, the city is expected tonight to award $2.687 million in federal funds to the developers of three projects that propose to create sorely needed additional affordable housing in Stockton.
The funding, which is pending approval by the City Council, is good news for the developers of the three projects selected.
But five other groups that sought a combined $5.7 million for seven other proposed projects most likely will leave tonight’s meeting empty-handed – a clear sign that funding lags far behind demand when it comes to the development of affordable housing.
“There’s just not enough money out there,” said Carol Ornelas of Visionary Home Builders, who was shut out on her two bids worth a combined $1.6 million.
The San Joaquin County Housing Authority also fell short on its two proposals, worth a total of nearly $1 million.
“I fully understand there’s more need than there are dollars, but I feel I have to advocate for my projects, too,” said Peter Ragsdale, who heads the Housing Authority.
Ragsdale said he plans to attend tonight’s council meeting.
The city is recommending the council approve three projects:
Medico Artist Flats, $2.25 million. DFA Development is planning a 41-unit multifamily project in the 12-story Medico-Dental Building at Sutter Street and Miner Avenue downtown. Thirty of the units would provide affordable housing.
The project is by DFA Development, which is responsible for the Cal Weber 40 affordable housing project completed downtown earlier this year. Cal Weber 40 was fully leased well before its opening.
Medico Artist Flats is to be the first concrete result of the ambitious Open Window Project to revitalize downtown, a 15-square-block plan unveiled by the Ten Space development firm nearly two years ago.