Roseville issues $75 million in bonds for Crawford 265-unit housing plan

The Roseville City Council approved $75 million in bonds last month to finance the "The Crawford," a 265-unit affordable housing project in Fiddyment Farm. After a required public hearing Nov. 20, the City Council approved a finance plan with revenue bonds by the California Municipal Finance Authority. The $75 million will finance the acquisition and construction of the residential rental project located at 1130 Harvey Way. The council voted Nov. 6 to defer $5.9 million in developer fees for the project, also known as the "Terracina at Fiddyment Apartments" plan. The city has a fee deferral program through the Economic Development Dept. as an incentive to encourage development. The California Municipal Finance Authority was created in 2004 as a joint powers agreement to promote economic, cultural and community development through investment and charitable activities in the state. To date, more than 200 municipalities have become members of CMFA, staff said. CMFA was formed to assist local governments, nonprofit organizations and businesses with taxable and tax-exempt bonds aimed at improving the standard of living. The bonds will be the sole responsibility of the borrower, and the city will have no financial, legal, moral obligation, liability or responsibility. All financing documents with respect to the bonds will contain clear disclaimers that they are not city or state bonds, staff explained. CMFA shares a portion of fees with member communities and donates a portion to a foundation to support local charities. Staff expects 25 percent of the issuance fee, or roughly $20,700, will be granted to the Roseville general fund. Developed by USA Properties, construction is expected to begin next spring and should be completed in spring 2026, authorities said. The plan includes 11 buildings, a clubhouse and managers units, two laundry and maintenance buildings with recreation amenities and parking. Of 262 affordable units, 91 will be very low income and 171 low income, with three on-site manager's units. The project received Planning Dept. approval last June.