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Tax Credits Clear Way For Low-Income Housing Project

Posted: Sep. 30, 2019 12:38 AM PDT

The final step needed for constructing a low-income senior housing project in Penn Valley has been taken. The California Tax Credit Allocation Committee has announced that over seven-million dollars in federal tax credits will be awarded to the Lone Oak project. This comes after Nevada County Supervisors earmarked one-point-two million dollars in county funds as deferred loans. Supervisor Dan Miller says they’ve been working with the Regional Housing Authority for several years…

click to listen to Dan Miller

Miller says it was a very competitive application process…

click to listen to Dan Miller

Groundbreaking is expected next spring. Construction is estimated to last 12 months. The Lone Oak Senior Apartments will be on Penn Valley Drive. It will house low-income seniors earning between 30 and 60-percent of the median income for Nevada County.

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