Rocklin City Council approves $2.23 million loan to build affordable apartment project
The Rocklin City Council approved a $2.23 million loan Tuesday to help finance construction of The Steven, a 180-unit affordable apartment complex for seniors near Sierra College.
The project will be built on Rocklin Road between El Don Drive and Sierra College Boulevard.
The Steven will include 178 one- and two-bedroom apartments on 7.3 acres, along with two manager units. Monthly rents are expected to range from about $650 to $1,850. The apartments will be reserved for residents 55 and older who earn between 30% and 70% of area median income.
The City Council approved the project’s design in December 2022. Roseville-based USA Properties Fund is the developer.
Planned amenities include a swimming pool, fitness room, dog park, clubhouse and two landscaped courtyards with walking paths. Residents also will have access to support services through the J.B. Brown Fund and LifeSteps, a nonprofit that helps seniors find housing-related services.
The Steven will be part of College Park, a 108-acre mixed-use development near Sierra College. The project includes apartments, condominiums, triplexes, single-family homes, parks, trails and open space. College Park is a partnership between Sierra College, Evergreen Sierra East LLC and Cresleigh Homes.
The city loan will come from Rocklin’s Low and Moderate Income Housing Asset Fund and is included in the city’s 2025-26 fiscal year budget.
According to a city staff report, the loan carries a 3% interest rate and will be repaid from residual project income after operating expenses and other debt obligations are paid.
The city will disburse the loan in four installments during construction. The final payment will be made after construction is complete and the project receives final occupancy approval.
