Tracy Apartments: Phase I
Type of Development
10 one-bedroom units
26 two-bedroom units
29 three-bedroom units
14 four-bedroom units
1 three-bedroom manager’s unit
60 to 80 units
Tracy Apartments to Begin Phase 1
The Housing Authority County of San Joaquin (HACSJ) is planning its first phase of the Tracy Apartments public housing development. Phase I will see the demolition of 60 obsolete housing units originally built in 1952, which will be replaced with 80 modernized, energy-efficient units. The 6.74-acre parcel located on West Street, between Fourth Street and Mt. Diablo Avenue, will provide ample space for the four-bedroom, three-bedroom, two-bedroom, and one-bedroom units. Low income families with below 60% Area Median Income (AMI) levels can qualify for these homes. Rents will be subsidized by the Low-Income Public Housing (LIPH) program and Housing Choice Project-Based Vouchers.
An agglomeration of financing will be needed to complete this project, and so far, funding has been secured from City of Tracy HOME funds, City of Tracy redevelopment funds, Low-Income Housing Tax Credits (LIHTC), and HACSJ contribution. An additional $4 million will be received from the city of Tracy’s Low and Moderate Income Housing Asset Fund. The project is also expected to include roughly $23.5 million worth of federal tax credits, as well as further HACSJ funding.
Federal tax credits are awarded through a competitive process, which means that curating the necessary public support and assets to secure those credits is vital. “Because we have the benefit of owning land, and support from the city of Tracy, we can compete generally favorably,” said HACSJ Executive Director Peter W. Ragsdale. The smarter land use will not only allow HACSJ to meet the affordable housing need in Tracy but will also allow for a new recreation center. The new Tracy Apartments will be ready to welcome residents by September 2023.
Build / Funding
Funding will include a HACSJ contribution, City of Tracy HOME funds, City of Tracy redevelopment funds, and Low Income Housing Tax Credits (LIHTC).