Heritage Commons, a 60-unit senior housing community in Dixon, California, announced that it has received a grant of $1,000,000 through the Affordable Housing Program of the Federal Home Loan Bank (FHLB) of San Francisco. Heritage Commons will provide affordable housing to very low-income seniors and the apartment complex will be located within a new subdivision of single-family homes in Dixon Heritage Commons.
The project in Dixon was the only rural community to receive the maximum award of the $32.5 million recently awarded by the FHLB San Francisco. The five-acre site for Heritage Commons was donated by Brookfield Homes to fulfill their affordable housing requirement. In addition to the contribution of land, DSHC is receiving a loan of $343,000 from the City of Dixon Redevelopment Agency. The initial funding will include 60 apartments with a second phase of another 60 units to be completed at a later date. First Northern Bank of Dixon (FNRN.OB), an FHLB member, applied for the funding.
“First Northern Bank is a very active FHLB member,” says Senior Executive Vice President and Chief Financial Officer Louise Walker, a long-time Dixon resident. “Our Bank was founded in Dixon, where we have continued to operate
for 100 years. We are deeply committed to serving the people of Dixon, and are thrilled to have played a role in securing affordable housing for seniors in this city. This $1-million award is the largest single award that we have ever received from the Federal Home Loan Bank. It’s gratifying to know that the funds will be used in our own hometown.”