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City Kicks in Extra Money to Expand Planned Affordable Housing Complex in Concord

A planned affordable housing project in Concord will add a dozen more units for low-income and formerly homeless residents, thanks to a $2.3 million infusion the Concord City Council allocated this week.


The council previously approved spending $5.5 million to help Berkeley-based nonprofit Resources for Community Development build a five-story, 44-unit affordable-housing complex on Galindo Street just south of downtown. Since then, the developer has come up with a plan to acquire an adjacent property that will allow it to expand the project to 62 units.


The five-story complex at 1313-1321 Galindo St. would house veterans, seniors, families and people with disabilities in 39 one-bedroom units, 19 two-bedroom units and four three-bedroom units.


The project is estimated to cost a total of about $41.2 million, to be financed through a combination of private loans, tax credit equities and other government sources. Resources for Community Development still needs to secure other funding sources, project manager Adam Levine said, but Concord’s contribution will help make it more competitive in getting that money.

If the project is approved by the design review and planning commissions and all the property is acquired by the end of this year, construction could start in early 2021 and end by the beginning of 2022.

The housing will be available for people with income ranging from 30 to 60 percent of the area median income. One-bedroom apartments would range between $654 and $1,308, depending on tenants’ income, and three-bedroom units between $906 and $1,812. If the nonprofit secures money for rental subsidies, which it’s trying to do, Levine said the rent could drop dramatically.

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In addition to low rent, the project will provide financial literacy education and job readiness workshops to tenants and partner with the Veterans Administration to help vets, Klein said.

The project is part of an effort to fulfill the city’s housing plan, whose goal is to provide 1,200 units for extremely low, very low and low-income tenants by 2022.

At their meeting Tuesday, council members praised the project for helping the city approach that goal.

Alicia Klein, associate director of housing development for Resources in Community Development, told council members the organization works hard to keep project costs low, which is difficult in the pricey Bay Area.

The nonprofit has four other housing properties in Concord and more throughout the Bay Area.

Source: Mercurynews

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