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Allison Drive Mixed-Income Housing
Allison Drive Mixed-Income Housing
CFY Development is proposing to construct between 99 to 165 mixed-income apartment units on a site adjacent to the Vacaville Transportation Center on Allison Drive.
The project would provide new "missing middle" housing intended for those who make 80%-100% of the Area's Median Income (AMI). For a family of four, this would be $68,550-$85,700.
The Solano Transportation Authority (STA) and the Metropolitan Transportation Commission (MTC), in discussions with the City of Vacaville, have agreed to provide a $1.9 million incentive grant to gap-finance the development.
Current Status
Current Status
The City Council approved an exclusive negotiating rights agreement with CFY Development to negotiate a Development, Disposition, and Loan Agreement during their 28 April 2020 meeting.
If negotiations with CFY Development are successful, a Development, Disposition, and Loan Agreement will be brought to the City Council at a future date for consideration.
History
History
The Solano Transportation Authority approved to program $1.9 million of SubHIP funding to incentivize the project during their 8 April 2020 meeting.
What is SubHIP?
What is SubHIP?
As part of the larger Housing Incentive Pool (HIP) program administered by the Metropolitan Transportation Commission (MTC), SubHIP programs $5M to suburban Bay Area counties (Marin, Napa, Solano, and Sonoma) to incentivize affordable housing development. $4M of the $5M was dedicated to STA for affordable housing projects in Solano.
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