City of Newark Community Development Advisory Committee AgendaPacket 2026-06-24
Newark Approves $12 Million Loan to SAHA
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Description
The City of Newark approved a $12 million Affordable Housing Impact Fee Fund loan to Satellite Affordable Housing Associates for a 59-unit affordable housing project on Thornton Avenue, including $4.3 million for pre-development costs. The City subsequently acquired and leased back the site to strengthen SAHA's applications for state housing funds, with project completion targeted for 2028.
Contract Details
Contract Amount
$12 million loan, including $4.3 million for pre-development costs
Vendor
SATELLITE AFFORDABLE HOUSING ASSOCIATES SAHA
Agency
City of Newark, CA
Contract Type
FINANCIAL_SERVICES
Document Date
June 23, 2026
Contract Term
Projected opening in 2028 in line with the City's loan agreement timeline
Renewal Info
Loan aligns with project schedule targeting opening in 2028; no specific renewal or extension options described in the document.
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