Sarah's Court rendering
Written by Business Journal staff
A 120-unit affordable housing project in Southeast Fresno was approved for a $2.4 million loan under the state Community Development Block Grant.
The Fresno City Council approved the loan agreement at its Thursday meeting as well as a resolution supporting the developer’s application for a low-income housing tax credit.
The project is phase two of Sarah’s Court, part of the Fancher Creek development near Tulare and Clovis avenues. The loan, at 2% interest over 55 years, is meant to fund acquisition costs for the property.
FCTC Family II, LP is the partnership receiving the loan for Sarah’s Court, a project of Fresno-based Lance Kashian & Co.
The housing tax credit application seeks to fund at least 70% of the project cost.
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