Tracy Apartments
Tracy Apartments
Tracy, CA
Type of Development
New Construction
Year Built
Pending
Development Profile
54 One-Bedroom Units
1 Two-Bedroom MGR Unit
Unit Size
TBD
Buildings
1
Summary
Tracy Apartments
The Housing Authority of the County of San Joaquin (HACSJ) is moving forward with Phase I of the Tracy Apartments, which will involve the demolition of 17 obsolete public housing units originally constructed in 1952 and their replacement with 55 modern, energy-efficient units on a one-acre site along West Street in Tracy. The development will provide affordable housing for households earning at or below 50% of Area Median Income (AMI). Rents will be supported through the Low-Income Public Housing (LIPH) program and Project-Based Housing Choice Vouchers. The project is currently on track for completion in mid-2027.
Funding
The Housing Authority of the County of San Joaquin (HACSJ), in partnership with the City of Tracy, has assembled a strong and diversified financing structure to support the development, totaling approximately $29.6 million. The financing includes a $5.98 million NewPoint permanent loan and a construction loan of approximately $12.95 million provided by U.S. Bank, which is also serving as the project’s Low-Income Housing Tax Credit (LIHTC) equity investor.
Public and local funding sources include $4.0 million in City of Tracy Low-to-Moderate Income Housing (LMIH) funds, $925,880 in HOME funds, $3.8 million in HACSJ ground lease loan proceeds, $6,209,816 in HACSJ Capital Fund loan proceeds, and a $1.5 million HACSJ Health Plan loan.
In addition, the project includes approximately $9.83 million in LIHTC equity contributed by U.S. Bank. Because HACSJ owns the project site and due to the strong financial commitment from the City of Tracy and U.S. Bank, the development is fully capitalized and positioned to begin construction by the end of 2025.
