Sierra Vista Phase II

Sierra Vista: Phase II

Stockton, CA

Type of Development

Affordable multifamily

Year Built

2020

Development Profile

24 one-bedroom units

28 two-bedroom units

30 three-bedroom units

18 four-bedroom units

Unit Size

595 – 1,455 sq. ft. 

Total Building

17 Buildings

Summary

HACSJ and CCHC to Redevelop Large Multi-Family Apartments

The Housing Authority of the County of San Joaquin (HACSJ) and Central California Housing Corporation (CCHC) has redeveloped the large multi-family apartments known as part of Sierra Vista Phase II.
Sierra Vista, located in south Stockton, south of Dr. Martin Luther King Jr. Boulevard (formerly Charter Way), is home to approximately 274 families. The second phase of redevelopment came quickly on the heels of a March 2017 Low Income Housing Tax Credit (LIHTC) award of $24 million. The second award in July 2018 of $25 million of LIHTC equity provided a necessary component of the financial structure for this second phase. The project utilized funding from the US Department of Housing and Urban Development’s Public Housing subsidy and Housing Choice Project-Based Vouchers to maintain affordability. The LIHTC awards, along with capital contributions from HACSJ, the City of Stockton’s Affordable Housing Impact Fee Reduction Program, and the City of Stockton’s HOME funding, launched the second phase. These funds have provided the construction of 100 one-bedroom to four-bedroom modern, energy-efficient units (including solar).

Together, Phase I and Phase II have brought 215 modern, energy-efficient new apartment homes to the Sierra Vista community, replacing 120 demolished public housing units built in the 1950s. Both phases brought nearly $50 million of construction to the City of Stockton, with an overall project budget of approximately $80 million. “Seeing the new Sierra Vista rise in South Stockton is transformative,” said HACSJ Executive Director Peter W. Ragsdale.

HACSJ has struggled to meet the property’s capital needs due to the units’ age and physical condition, which has led to its deterioration in both efficiency and utility. With an estimated $32 billion national backlog in capital needs for public housing and a proposed federal budget that contains a 68% reduction in capital fund dollars, this type of development takes on increased urgency.

Build / Funding

Funding for this project came from a HACSJ capital contribution, City of Stockton HOME funds, the City of Stockton’s impact fee waiver program, Low Income Housing Tax Credits (LIHTC), and permanent financing.

Recent Updates

Construction is complete and the units have been occupied.