Placer County supervisors approve Penryn housing project but reject loan funding [CBS News]
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Source: CBS News
Board of Supervisors, and still, those opposed to the project left the special-called meeting optimistic. The board voted 3-2 to grant final approval for the proposed Hope Way Apartments affordable housing project, following a tentative approval last month. But following that vote of approval, their second action pumped the brakes. The board voted 3-2 against giving the project developers a $10.8 million funding agreement. The agreement with USA Properties Fund Inc. was a proposed loan that primarily used current and future affordable housing in-lieu fees from the nearby Bickford Ranch housing development, according to Placer County officials. Supervisors Shanti Landon, Anthony DeMattei and Suzanne Jones made up the three votes rejecting the loan. The vote was met by applause and 'thank you' shouts from neighbors in opposition to the project in the audience. "We've heard the community say over and over again that the project is just too big. That if you reduced the size of i
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