Sierra Vista Phase II
Sierra Vista: Phase II
Type of Development
24 one-bedroom units
28 two-bedroom units
30 three-bedroom units
18 four-bedroom units
595 – 1,455 sq. ft.
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) are set to redevelop large multi-family apartments 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. This second phase of redevelopment comes 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 will utilize 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, will launch the second phase. This will provide for the construction of 100 one-bedroom to four-bedroom modern, energy-efficient units (including solar).
Together, Phase I and Phase II will bring 215 modern, energy-efficient new apartment homes to the Sierra Vista community, replacing 120 demolished public housing units built in the 1950s. Both phases bring 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. “As families begin moving into new units in Phase 1 later this month, all the hard work and project challenges are realized.”
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.
Demolition is underway and will be complete by June 14, 2019 with site work to begin immediately. Phase II will complete construction by the end of 2020.
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.
Construction is in the process of being completed by winter 2020 and residents have begun to occupy units.