Project: In 2005 CAH purchased an existing 8 unit apartment complex near downtown Calistoga that was in need of upgrades and repairs. The property is comprised of 7 one-bedroom (approx. 650sf each) and 1 two-bedroom unit (approx. 750sf) in 3 buildings with a laundry facility, maintenance room and covered parking. Since the property was vulnerable to a market rate developer renovating the units and raising the rents, CAH decided to step in to complete renovations but mainatain affordability.
The apartments are situated in downtown Calistoga within Â½ mile of the downtown shopping areas, jobs, public schools and public transportation. The neighborhood is a mix of single family homes interspersed with two story apartment buildings and small hotels and spas.
Financing Commitments: Rural Community Assistance Corporation (RCAC) a nonprofit lender, provided the construction financing and the bulk of the permanent financing for this project. Other permanent financing sources include the City of
Residents: The residences are affordable to households earning 60% of area median income (AMI) or below. All of the existing tenants at purchase qualified as low income families.
Development Team: CAH is the developer and owner of the project. Joe Cabral of Cabral consulting provided project management services for the rehabilitation and upgrades.
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