HOME an Essential Component to Public-Private Partnership Project
When it comes to public-private partnerships in affordable housing, public funds such as the HOME Investment Partnerships (HOME) program help communities leverage important private investment. One example of such a partnership can be found in the Cueva de Oso at William Shockley Plaza, a HOME-funded affordable housing development project in the Fresno County city of Selma, CA. The development is a new 48-unit tax credit project that replaced a former deteriorated 25-unit public housing apartment project called Shockley Terrace located on the same site.
The total project cost was $14.5 million, of which $700,000 was provided via HOME funds from NACCED Member Fresno County’s Urban County HOME grant program. Gigi Gibbs, a community development manager with Fresno County, praised the use of the HOME program in this project and stressed its importance to affordable housing development. “Without this program, there aren’t a lot of resources available from governments to get involved in the development of affordable housing,” she said. “It’s really important to know these projects are a public-private partnership in funding. That’s what makes it work. It’s not all one source that can make these quality buildings happen.”
The development consists of 8 one-bedroom units, 22 two-bedroom units, 16 three-bedroom units, and 2 four-bedroom units, making it attractive to both small and large families. The project is affordable to families earning between 30% to 60% of area median income, and was fully leased before it was completed in August, 2017.
Eleven families that previously resided in the former public housing project onsite chose to move into in the new development, and are thrilled with the new amenities. In addition to providing more affordable housing units, the new project contains new amenities for residents, including a large outdoor grassy play/picnic area with BBQ’s, a children’s playground, community garden space, and a community center including a community room complete with a large flat-screen television for viewing parties, a large fully-equipped kitchen, fitness center, computer lab and management offices.