About a month and a half after it opened, a ribbon cutting ceremony took place Tuesday morning for the Lone Oak Senior Apartments complex in Penn Valley. It’s on two acres on Broken Oak Court. It has 31 units of low-income housing, with 24 one-bedroom and seven two-bedroom units. The final step needed to make it a reality was when the California Tax Credit Allocation Committee announced, last year, that over seven-million dollars in federal tax credits had been awarded to the project. And that came after the Board of Supervisors earmarked one-point two-million dollars in county funds as deferred loans. Housing Director, Mike Dent, told the gathering that financing is a long, complicated, and very competitive process.
click to listen to Mike Dent
It’s also the first project to be constructed since the county started partnering with the Regional Housing Authority, in 2013. Executive Director, Gus Becerra, also had a light story about how the complex got its name, explaining that there were only two oak trees at the site to begin with, with one being removed, due to disease…
click to listen to Gus Becerra
There are already no vacancies. Debbie Howe moved in on her birthday, July seventh…
click to listen to Debbie Howe
To qualify to live at Lone Oak, you can only make 30 to 60-percent of the county’s median income.