Burbank Housing and Mike Rogers Consulting turned to Housing Tools to manage predevelopment activities for refinancing, recapitalization and rehabilitation of Gravenstein Apartments in Sebastopol, Sonoma County. This is a 60-unit project originally constructed in the1980’s and funded by a legacy State HCD program. Housing Tools worked with State HCD and Sonoma County to restructure loans and rents in a way that would facilitate new financing and long-term sustainability. We also coordinated rehabilitation scope of work development, application for tax-exempt bonds and 4% tax credits, and construction loan closing. The Sebastopol community now benefits from an energy-efficient, renovated housing development with solar power and enhanced landscaping, and a long-term extension of affordable rents for residents. The renovation was completed in September 2020.
