We closed on two Project HomeKey projects!
The UPholdings team, along with our exceptional co-development partners, RH Community Builders, have been working at break-neck speed to ensure two awarded projects from California’s innovative Project HomeKey program are ready for occupancy by the beginning of next year. Today we are happy to announce we passed a major milestone - we closed on both properties!
Over the past few months UPH received two awards totaling over $20.3 million from the Project HomeKey program. The program announced by Governor Gavin Newson is California’s first-in-the-nation initiative to purchase and rehabilitate hotels, motels, or vacant apartment buildings to convert into permanent, long-term housing for people experiencing homelessness or at risk of homelessness.
The first project awarded is an acquisition of a 45-room motel in Visalia named The Sequoia. The project’s county sponsor is the Tulare County Health and Human Services Agency and was awarded $5.2 million from Project HomeKey to assist in acquisition and the first few years of operations. The Sequoia will begin operating most of the units as a non-congregate shelter for individuals at risk from COVID-19 while the remaining units are to be rehabbed into permanent supportive housing.
The second project awarded, Crossroads Village, is a partnership with the County of Fresno to acquire 204 units in a prime location within the city of Fresno. Crossroads Village was awarded $15.3 million to acquire the site and the innovative project will provide permanent housing solutions for more than 200 individuals who have been staying in emergency shelter beds.
We are proud of our partnerships and the work we have accomplished so far, while we have much to do before the end of the year, we look forward to making a difference in Tulare and Fresno counties!