Modesto, CA, December 11, 2024 - The City of Modesto is excited to announce the receipt of additional funding needed to move forward on the 7th Street Village affordable housing development project in collaboration with Visionary Home Builders of California, Inc. At their recent meeting, the California Tax Credit Allocation Committee approved the funding allocation for $37,517,305.
This latest investment will complete the funding necessary for this project, and the construction should start in the fall of 2025. This project is anticipated to be the first mixed-use development in Downtown Modesto. The project includes plans for 79 housing units, a commercial ground floor complete with a leasing office, community center, a Head Start Program, and other uses such as a potential grocery store.
"7th Street Village is more than just a development; it's a beacon of opportunity and transformation for the Modesto Community," said Carol J. Ornelas, President/Chief Executive Officer of Visionary Home Builders of California, Inc. "This project will bring quality housing, create jobs, and revitalize downtown, catalyzing economic growth and social connections."
The City has long rallied for additional funding for this impactful project that aims to create a comprehensive living environment that meets the needs of residents at different income levels. For Modesto residents to be eligible for this affordable housing opportunity, the applicant's household income must not exceed 80% of the Area Median Income (AMI) for Stanislaus County. For example, the AMI for a family of four in the fiscal year of 2024 is at or below $72,900. The AMI will vary based on household size and is subject to change based on the year when the construction is complete.
Housing affordability is a critical issue in the community. The 7th Street Village will provide secure, safe, and affordable housing options for individuals and families close to transportation hubs and with access to educational services.
“People in Modesto will have easier access to essential services that enhance their quality of life,” said Sue Zwahlen, Mayor of the City of Modesto. “We hear residents’ concerns about the lack of affordable housing much too often; 7th Street Village is one way to reduce the disparity. This is exciting news.”
The City is committed to creating sustainable, affordable, and inclusive housing solutions that meet the needs of residents in Modesto. Mixed-use developments contribute to smart growth and provide housing options that support livable environments that promote a vibrant community.
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Sonya Severo
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