After several months of negotiations, the City of Healdsburg and Burbank Housing on June 5 finalized the $5 million purchase of the 23 homes at Monte Vina Apartments, the latest in a series of affordable-housing deals the City has made to preserve and provide housing options for families with low to moderate incomes.
The deal ensures that the families and individuals who live in the one- and two-bedroom apartment homes can continue to live there. Burbank Housing, a City partner on this and other affordable housing opportunities and a local nonprofit that builds and manages affordable housing communities in the North Bay, is the new owner of this multifamily complex.
The City of Healdsburg leveraged $1 million in funding from Measure S, a voter-approved 2 percent hotel tax, to help pay for the residential property and provided a $275,000 loan to Burbank Housing to manage the multi-family complex and make needed repairs to some of Monte Vina’s one- and two-bedroom units. The remaining $4 million of the purchase price was secured through financing arranged by RCAC -- a Sacramento-based nonprofit that serves rural communities -- in partnership with Morgan Stanley.
Read the full press release here.