Nueva Acequia Multi-Family Affordable Housing Development Infrustructure
REQUEST: $1,050,000
Community Development/Affordable Housing
ICIP# 40166- LCS ID#1686
What is this Project?
Nueva Acequia consists of two separate all affordable multifamily developments located on a single parcel of land. Using an innovative financing strategy to finance a family and senior component, the combined project is an intergenerational development.
Here is summary data on the two separate projects:
- 9% Project for Seniors
- 53 Units
- 30-80% AMI Restricted
- Total Development Cost: $19,018,000
- 4% Project for Families
- 106 Units
- 30-80% AMI Restricted
- Total Development Cost: $40,753,00
As of this moment, the 4% and 9% Low-Income Housing Tax Credit projects are anticipated to be fully funded.
The development, however, necessitates offsite improvements to Camino de Jacobo, a County owned and maintained road within the City limits.
These road improvements will also benefit the County’s existing Camino de Jacobo public housing community, which also uses the road for access.
What will 2026 Capital Outlay Request do?
Fully fund improvements to Camino de Jacobo to accommodate the increased traffic associated with Nueva Acequia and otherwise bring the roadway up to current standards.