SHRA's proposed purchase of The Maven on Broadway would convert 306 of the complex's 408 units from market-rate to income-restricted housing. Sacramento city and county elected officials have cleared the way for the plan, with a final vote on the purchase scheduled for Nov. 10.
According to The Sacramento Bee, SHRA intends to convert 224 of the apartments into workforce housing for tenants earning less than 80% of the area median income, with one-bedroom units renting for $1,776 a month. An additional 82 units would be set aside for households earning less than 50% of area median income, with one-bedroom rents dropping to $1,315 a month. By comparison, the 102 market-rate units that would remain under the plan would rent for $1,984 a month.
Income eligibility for the lower rent tier is strict. A one-person household qualifies for the under-50%-of-area-median-income units only if their annual income falls below $46,000, per the California Department of Housing and Community Development. The same agency reports that a one-person household in Sacramento County qualifies as low-income at an annual income of $73,600 or less — a threshold covering the broader workforce tier as well.
Where The Maven Sits and What's Changing
The Maven is at 230 Broadway in Upper Land Park, near Interstate 80 and Highway 50. It opened in 2022 with amenities including a fitness center, pet wash, grilling gazebos and a community lounge, according to The Bee. The property is about a half mile north of New Helvetia and Alder Grove, large aging public housing complexes serving households with lower incomes than those eligible for the proposed units. The purchase price has not been publicly disclosed, The Bee reported.
The Bee reported that the property's current owner is an LLC tied to Chicago-based 29th Street, which did not immediately return an email seeking comment. At the Oct. 13 city council meeting, SHRA Deputy Executive Director Kecia Boulware said no existing tenants at 230 Broadway would be displaced under the conversion plan, the outlet reported.
Neighbors Push Back as Officials Weigh In
At the Oct. 20 supervisors meeting, Sacramento County Supervisor Pat Hume said neighbors had sent supervisors many emails opposing the proposed purchase and conversion, The Bee reported. Hume also argued that more housing of all types is needed to balance supply and meet the needs of people who support the local economy and neighborhoods.
The Bee reported that Sacramento City Councilmember Phil Pluckebaum, who represents the area, said he was highly supportive of approving the project. Nearby construction and proposals are continuing: The Mill at Broadway has nearly 1,000 market-rate homes recently opened or under construction, and a three-story, 38-unit market-rate condominium building is planned at 401 First Ave near The Maven.
Part of a Broader Shift Away From Market Rate
The Bee also reported that John Vignocchi, co-founder of Urban Capital, described conversions of market-rate housing to affordable housing as a growing response to demand for lower-cost homes. He pointed to the Woodlands complex in South Natomas, which has undergone a similar conversion. The Woodlands has been described in reporting tied to this story as containing 800 units, while an earlier Sacramento Business Journal account put the figure at 803.
How the proposal fits into California’s housing picture
Sacramento’s adopted housing plans offer context for the proposed income restrictions, though they do not measure housing production at The Maven. The City of Sacramento’s 2021-2029 Housing Element says the city must plan for 16,769 new lower-income housing units by 2029, or 37% of its overall RHNA. Sacramento County’s 2021-2029 Housing Element offers countywide housing context. A separate California example illustrates a different financing approach. The Bay Area News Group reported that in 2019 the California Community Housing Agency financed the acquisition and rent restriction of Serenity at Larkspur in Marin County using tax-exempt municipal bonds. Rents there were capped for households making 80% to 120% of area median income, unlike the income tiers proposed for The Maven.
A similar push is underway elsewhere in the region: the Sacramento Business Journal reported in July that county supervisors would consider $80 million in bonds to convert the North Highlands complex known as Sierra Village Apartments from market-rate to affordable housing. Whether the Maven deal ultimately closes, and what its final financing structure looks like, remains to be seen when SHRA's commission takes up final purchase approval on Nov. 10.
