Grand Opening of Stonegate Village in Patterson (Video Release)

Grand Opening of Stonegate Village in Patterson (Video Release)

Posted on April 20, 2021

SELF-HELP ENTERPRISES CELEBRATES VIRTUAL GRAND OPENING OF NEW AFFORDABLE RENTAL COMMUNITY IN PATTERSON

Stonegate Village provides 138 units of high-quality and energy-efficient rental housing

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Patterson, CA—On Tuesday, April 20th, Self-Help Enterprises (SHE) released their grand opening video for their new 138-unit affordable rental housing community, Stonegate Village, located at 625 Logan way in Patterson, CA. The grand opening video can be accessed using this link: https://vimeo.com/538884072

Stonegate Village includes 46 one-bedroom, 46 two-bedroom and 46 three-bedroom apartments with a spacious outdoor playground, basketball court, picnic tables, BBQ grills and an on-site laundry room. A centrally located community building is equipped with a computer lab, site-wide Wi-Fi and meeting space ideal for resident services, including exercise classes, various social activities, a wide-range of afterschool programs for children and wellness programs.

Patterson is a growing town on the west side of the San Joaquin Valley with a population of just over 21,000 people. Average rent for a two-bedroom apartment is roughly $1,750, which means renters need to earn nearly twice the state minimum wage in order to afford the average asking rents in Patterson.

“Patterson was built on the backs of farmworkers, yet in recent years has grown as a bedroom community for east Bay Area commuters, leaving many local families behind,” said Tom Collishaw, CEO of Self-Help Enterprises. “Despite the challenges brought forth by the pandemic, we are excited to provide new high-quality housing options that Patterson families can afford.”

Monthly net rents, ranging from $364 to $1,011, are determined based on unit size and resident income. These below-market monthly rents mean that Self-Help Enterprises is providing a permanent affordable housing opportunity to local residents.

“I am thrilled that Patterson residents are able to start calling Stonegate Village home,” said Louise Bedsworth, Executive Director of the California Strategic Growth Council, a cabinet-level state entity that invested more than $12 million in Stonegate Village through its Affordable Housing and Sustainable Communities Program. “In addition to providing critically important affordable housing, this development fosters a sense of community and connects residents to jobs and services by expanding convenient, active and sustainable transportation options.”

Some energy-efficient and transit-friendly features include a Solar PV energy system to provide electricity for common area and apartments, a new bus pullout on Walnut St., a bus shelter with solar lighting provided by Stanislaus Regional Transit, free bus passes for residents, new sidewalks, bike lanes and urban greenery. Spectrum Energy Development Inc. was the solar contractor and assisted SHE with developing a pilot Net Energy Metering program with the Turlock Irrigation District to allow for the aggregation of solar energy and credits to the low-income residents.

“The City of Patterson has been working for many years with Self-Help Enterprises and has developed an excellent relationship,” said Ken Irwin, Patterson’s City Manager. “The project is providing excellent affordable housing opportunities for our Patterson residents when it is most needed.  This may be an affordable housing project, however, it looks like a very well thought out and a quality facility.”

While SHE has been the developer of numerous single-family homes in the community over several decades, Stonegate Village is the first affordable rental community built by SHE in the City of Patterson and is among 41 affordable apartment rental communities owned by Self-Help Enterprises serving 1,836 families throughout the San Joaquin Valley. Funding for this project is provided by a Wells Fargo Bank construction loan, low-income housing tax credits with Wells Fargo Affordable Housing Community Development Corporation as the investor, California Community Reinvestment Corporation, National Housing Trust Fund, Affordable Housing and Sustainable Communities (AHSC) from the California Department of Housing and Community Development, the City of Patterson, and the San Joaquin Valley Air Pollution Control District. Stonegate Village is the first rural hybrid project completed in California.  A portion of the project, 66 units, was supported with 4% low-income housing tax credits, while the remaining 72 units utilized 9% tax credits. The innovative financing structure, along with local, regional and State funding support, is what made Stonegate Village possible.

“Wells Fargo Bank is honored to have been chosen to partner with Self-Help Enterprises in the Stonegate Village low income housing apartment community,” said Lori Saito, Vice President of Wells Fargo Bank. “Wells Fargo was the construction lender and the limited partner equity investor and provided nearly $60 million between debt and limited partner equity.  Wells Fargo Bank is honored to be a trusted partner of Self-Help Enterprises for nearly 25-years and we look forward to supporting Self-Help Enterprises’ future efforts to provide safe, affordable housing to its communities.”