An upcoming affordable housing development in Sacramento is set to receive funding from the state, paving the way for an affordable housing project.
According to the Sacramento Strategic Growth Council, the proposed project is set to include 134 affordable homes in a five-story development.
Sacramento is set to benefit from a substantial amount of state funds, totaling over $38 million.
A new development called Sakura will be situated in the heart of downtown Sacramento. The city of Sacramento has just released a statement regarding their selection.
“As the State’s first designated Prohousing community, the City of Sacramento is thrilled about the Affordable Housing and Sustainable Communities award to the Sakura Project in downtown Sacramento. Not only will this award provide needed funding for the development of 134 units of affordable housing for our partners CADA and Mutual Housing, but it will also include funding for the City to make bicycle, pedestrian and public transit improvements to the S Street corridor.”
Sakura will be providing classes led by Mutual Housing California that focus on financial and digital literacy, as well as health and wellness.
Sakura plans to allocate more than $12 million towards the construction of a new light rail station and other rail enhancements. This includes a significant investment in Sacramento’s transition to zero-emission rail cars.
Sakura is among the 24 projects across the state that have been granted a substantial amount of $789.9 million to support the construction of affordable housing and enhance infrastructure.
“Today, we’re reinvesting more than three-quarters of a billion dollars generated through cap-and-trade funding to build thriving and affordable communities for California families,” California Governor Gavin Newsom said in a statement.
This marks the eighth round of funding allocated by the Affordable Housing and Sustainable Communities program. The latest funding round brings the total investments to a staggering $3.8 billion.
A partnership between Mutual Housing California and the Capitol Area Community Development Corporation is leading the development of Sakura.
