Stockton City Council Resolution Approving Affordable Housing Loan Awards 2026-04-14
City Approves $5M Loan for Don Shalvey Apartments
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Description
The Stockton City Council approved a $5,000,000 affordable housing loan to Visionary Home Builders to develop The Don Shalvey Apartment, a 108‑unit multifamily affordable rental project. The 55‑year, 3% residual receipts loan will finance pre-development and construction costs and is secured by long-term affordability restrictions.
Contract Details
Contract Amount
$5,000,000
Vendor
VISIONARY HOME BUILDERS
Agency
City of Stockton, CA
Contract Type
FINANCIAL_SERVICES
Document Date
April 14, 2026
Contract Term
55-year loan term and affordability period at 3% interest, residual receipts repayment, balloon payment at end of term
Renewal Info
Loan carries a 55-year term and affordability period with 3% interest and residual receipts repayment; any unpaid balance is due as a lump sum at the end of the 55-year term. HOME-funded components will include the maximum recommended affordability period and extended commitment period.
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