Capitol Lofts Funding Approved
The Capitol Area Development Authority (CADA) announced on Wednesday July 11, 2012 that Capitol Lofts-Sacramento LLC, managed by CFY Development, was awarded $18,453,620 in Low Income Housing Tax Credits from the California Tax Credit Allocation Committee. The approved tax credits will help finance the proposed 116-unit apartment project on R Street C between 11th and 12th Streets. This mixed income, mixed-use development, currently known as Capitol Lofts, will have approximately 86 affordable units, 30 market rate units and 13,000 square feet of ground floor retail space. The project will include new construction and the rehabilitation of a six story historic warehouse. Construction is expected to start in the spring of 2013 and be completed by summer of 2015.
A primary focus of the project’s housing marketing will be to Sacramento artists and creatives who qualify for affordable housing. Commercial space will also be marketed to art releated businesses or non profits. The aim for the project will be to build up the existing artist spaces and public art in the area to create Sacramento’s first art and culture corridor.
This is a huge step for R Street in its transformation into a lively mixed uses neighborhood. More news on this project to come.
The architect for the project is Applied Architecture. .