$32 Million Community for Affordable Senior Housing In Folsom, California
An affordable senior housing development is under construction in the Northern California community of Folsom, a city that’s been among the fastest growing in the state in recent years. Sage at Folsom will provide opportunities for residents 55 and older at a range of income levels as well as a long list of amenities, including a community garden, a dog park, and a refrigerated storage area for food deliveries. “We’ve enjoyed much success in Folsom and are looking forward to providing more affordable housing for seniors looking to live in a very vibrant neighborhood and thriving city,” said developer Geoff Brown, president of USA Properties Fund. The 111-apartment community is a few blocks from Folsom Lake College, health care providers, grocery stores, and several large shopping centers. Sage at Folsom is also close to Highway 50 and less than a block from a new bus stop.“It’s like the Main and Main of Folsom,” said Gabe Gardner of the USA Properties’ acquisitions team. “It’s a market-rate location for an affordable community.” Construction on the $32 million development started in November and should be completed in the first quarter of 2023. Bank of America and the city of Folsom are investment partners on the project. “Bank of America Community Development Banking is pleased to help finance this much-needed affordable housing for seniors in Sacramento County,” said CP Parmar, president of Bank of America Sacramento. “Developer USA Properties has done a tremendous job with Sage at Folsom, representing a great example of the impact that public-private partnerships can make in creating more quality affordable housing for those most in need.” Fast-rising rents in recent years have greatly increased the need for more affordable housing in Folsom, especially for low-income seniors, according to officials. Sage at Folsom will serve residents earning between 30% and 80% of the median income for Sacramento County, about $19,150 to $51,000 per year. Rents will range from $450 to $1,300, a significant savings from the average one-bedroom apartment rent of about $2,330 in the region. The one-bedroom homes will feature energy-efficient appliances and light fixtures, ceiling fans, and low-flow faucets, showers and toilets. Each of the three floors will include laundry facilities for residents. The apartment community will have ample parking, including electric-vehicle charging stations. Sage at Folsom’s electricity will come from Sacramento Municipal Utility District’s (SMUD) SolarShare Program, ensuring clean solar is the power source. Sage at Folsom will be the fourth apartment community for USA Properties in the Folsom area, including the award-winning communities of Forestwood at Folsom and Talavera, a market-rate development less than a mile away. The 40-year-old company is one of the largest affordable apartment community developers in the West. “Every apartment community we build, affordable or market-rate, opens the door to more housing and opportunities,” Brown said.
Tags : INTERNATIONAL California Affordable Senior Housing Folsom Geoff Brown $32 million development SMUD