Fulton & San Joaquin Development

The Agency approved an Owner Particiaption Agreement (OPA) with FFDA Properties, LLC on March 3, 2011 to facilitate the development of a new mixed use multi-family project consisting of thirty (30) residential units and 1,790 square feet of commercial space.  Under the OPA, a loan in the amount of $500,000 and a grant in the amount of $1,400,000 will be made to the project by the Agency.  In return, the Agency will receive moderate income covenants for twelve (12) of the units.  Construction is scheduled to commence in October 2011 and be completed in October 2012.