Funding Commitment Letter for the Hope Way Apartments Phase 1 Project

The Hope Way Apartments Project is a previously approved 240-unit affordable housing community with twp (2) of the 240 units as onsite manager's units. The community would include eight (8), 24-unit residential buildings; four (4), 12-unit residential buildings; and two (2) clubhouse/recreation buildings and would be accessed via two driveways from Hope Way. The project also proposes outdoor amenities; on -site improvements including parking, drive aisles, landscaping, and fencing; frontage improvements; and offsite roadway network improvements. On January 26, 2026, the Placer County Board of Supervisors approved a Design Review Agreement and State Density Bonus Law concessions and incentives for the Hope Way Apartments Project, finding that that project is exempt from further CEQA review pursuant to Placer County Code Section 17.49.010(E), Government Code Section 65583.2(i), Public Resources Code Sections 21083.3 and 21166, and CEQA Guidelines Sections 15183 and 15168(c). On August 25, 2026, the Placer County Board of Supervisors took the action that is the subject of this notice, approving a Funding Commitment Letter with Penryn 721, L. P ., conditionally committing the County to enter into a future Funding Agreement for a loan with a principal balance of up to $7,260,000 to be repaid over a 55- year term at 3% interest per annum for the development of Phase 1 of the Hope Way Apartments Project. Phase 1 consists of 132 total units, and includes seven multifamily apartment buildings along with indoor and outdoor amenities, parking, landscaping, and offsite improvements. The Board also authorized the County Executive Officer, or designee, to execute a future Funding Agreement, Use Deed Restriction, and Deed of Trust, and associated documents, consistent with the terms of the Funding Commitment Letter.