The City of Sonoma has finalized the acquisition of two local apartment properties, safeguarding 18 affordable housing units in the community for at least the next 55 years.
Although the city has approved hundreds of Affordable Housing units over the past 40 years, many of them have affordability covenants that have expired or will expire. Preserving the continued affordability of existing units helps provide housing for lower-wage earners and families. Although the State of California does not consider such preservation as applicable under RHNA allocations (Regional Housing Need Allocation targets assigned to each jurisdiction), such preservation still helps to make it possible for the people who work in Sonoma to live in Sonoma.
The properties acquired are Setzer Senior Affordable Apartments (8 units at 673 First Street West) and Maysonnave Apartments (10 units at 270 First Street East). These homes will continue to serve low-income seniors and families, with rents capped on average at 30 percent of 80 percent of Sonoma County’s area median income (adjusted by household size).
This preservation effort was made possible by a partnership between the City of Sonoma, Burbank Housing, the Bay Area Housing Finance Authority (BAHFA), and the San Francisco Housing Accelerator Fund. The City contributed $250,000 from its Affordable Housing Trust Fund, BAHFA provided $4.5 million through its Housing Preservation Loan Pilot, and the Housing Accelerator Fund delivered additional loan financing. Burbank Housing will now assume responsibility for ownership, rehabilitation, and long-term affordability management.
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