Assisted living housing to open in 2006 Assisted living housing to open in 2006 (March 18, 2005)

Council OKs applying for $2 million HELP loan
by Dolores Fox Ciardelli

Parkview Regent, the 105-unit assisted living facility planned next to the Senior Center, should open in 2006, Deputy City Manager Steve Bocian told the City Council at its Tuesday night meeting. The project includes 31 affordable units.

"The current status is we have all the building permits approved and we are waiting for project financing," Bocian said. "It will have a construction period of a year or so."

The council unanimously approved applying for a $2 million loan from the California Housing Finance Agency for funding through the HELP program. April 1 is the deadline to submit an application.

The funding has been difficult to arrange because of the 31 affordable units, Bocian noted. HELP funds must be used to directly result in affordable housing units, through partnerships with local governments. Its program receives a lot of applicants, according to the staff report, but this project meets all the criteria.

"The HELP loan needs to be paid back in 10 years, with 3 percent interest," said Bocian. "We feel pretty confident we have a good chance to get the loan."

The city already owned the 3.6-acre site on the corner of Sunol Boulevard and Junipero Street when a group of residents asked in 1996 that the site be considered for assisted living. A partnership between Bridge Housing Corp. and Lytton Garden Senior Communities was approved by the city in 2000 to develop the project. The city has also retained Eskaton for project management services.

The project, with a budget of approximately $27 million, will include studio apartments, one-bedroom private and shared units, and two-bedroom units. It also will have 19 units for Alzheimer patients.

A decision on the HELP loan will be made in late May. City staff will bring a complete financing plan for the project back to the City Council within 90 days.

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