The Pacific Crest Commons affordable housing project inched a step closer to reality at Tuesday’s Truckee Planning Commission meeting.
Funding for the project is expected to come from state and federal low income housing credits, tax exempt bonds, and other loans and grants.
In order to fill the funding gap and provide leverage for obtaining credits, bonds, and other funding for construction of a pair of three-story buildings that will house 55 units, project developers, The Pacific Companies, requested a $1 million, low interest deferred loan commitment from Truckee.
The Martis Fund subsequently promised a $1 million matching grant if the town provides the loan. At the Jan. 11 Town Council meeting, authorization of the loan was granted, provided that the developers would bring the project to the Truckee Planning Commission to discuss design recommendations.
The project, at 11300 Donner Way and 10079 Highway 89, is proposed on the former Truckee California Highway Patrol site that served as a CHP facility until 2019. Existing structures and utilities at the site are to be removed by the developer.
