$25M Renovation Approved  For Whispering Pines Development in the Promise Zone 



The Whispering Pines apartments located in the Promise Zone at 7610 Amherst Street in South Sacramento has received approval for financing from Sacramento Housing and Redevelopment Agency as part of a proposal to perform extensive renovations to the property that was built in 1971. The affordable housing community has 96 one-, two- and three- bedroom units including two managers’ apartments. With the exception of two 16-unit buildings that were renovated in 2011, improvements to the remaining units will include new bathroom tub and shower enclosures, fixtures and flooring; plus new kitchen features such as cabinets, counter tops and energy efficient appliances, and new electrical panels and HVAC units. Exterior and site improvements will also be included in the renovations. The Agency approved a $1.7 million loan commitment in Home Investment Partnership Program (HOME) funds to the project. The City Housing Authority also intends to issue up to $14 million in tax-exempt mortgage revenue bonds to provide acquisition and construction financing for the project. The developer, Visionary Home Builders, must still obtain additional financing for the project, which is anticipated to close in January 2020.




 
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