<body><div><figure><img src="https://img.particlenews.com/image.php?type=thumbnail_580x000&amp;url=34iQnd_1FIPLeVT00" alt="https://img.particlenews.com/image.php?url=34iQnd_1FIPLeVT00" width="1080" height="720" ><figcaption>Cherry Crossing in Sanger brings affordable housing to the city's working class. A ribbon cutting ceremony was held on July 18, 2025. (Jon Acevedo)</figcaption></figure>SANGER – Following public input and action from the Sanger City Council, the next stage for local affordable housing has secured its final bit of funding.On Sept. 16, the city council held a public hearing and approved a resolution for the issuance of revenue bonds to support Self-Help Enterprise’s Cherry Crossing II housing project. The bonds will be issued by the California Municipal Finance Authority in an amount not to exceed $20 million. But according to Self-Help Senior Project Manager Kristin Ainely, the actual bond amount is projected to be closer to $8.9 million when considering additional funding sources.“We also have state funding through the Department of Housing and Community Development Joe Serna (Jr.) Farmworker Housing Grant Program … in addition to Fresno County (Permanent Local Housing Allocation) funds,” said Ainley to the council. “So, we have various funding sources that are making up the budget, and we do have hard cost contingency built into all that.”The community came together to cut the ribbon on Cherry Crossing’s first phase, which brought 72 affordable housing units to Sanger in July 2025. The funds raised through these issued bonds will be put toward the construction of 64 more units planned for phase two.According to Community Development Director Joshua Goggins, who presented the agenda item, the bond revenue will be some of the final dollars needed to see the project through. “We’ve had multiple conversations with Self-Help Enterprises, and they feel comfortable that this is enough to secure that last round that is needed,” said Goggins to the council.Since the bonds will be issued through the CMFA, and because responsibility of them will be taken on by Self-Help on behalf of Cherry Crossing II, the city will have no financial, legal or moral responsibility for the project or the repayment of the bonds. However, a portion of the issuance fee is expected to be granted to the city’s general fund for any lawful use. In order for the bonds to be legally tax-exempt, the Tax Equity and Fiscal Responsibility Act (TEFRA) requires the city to hold a public hearing for community members to speak for, or against, the use of tax-exempt bonds to finance the project.Upon opening the public hearing, CMFA financial advisor Jarod Suzuki commented to further emphasize that although the resolution is for an amount “not to exceed” $20 million, this number acts more as a buffer for the expected $8.9 million range. “The reason for the buffer is if the borrower applies and successfully receives additional tax-exempt allocations, we don’t have to come back and re-TEFRA as long as it stays under that not-to-exceed amount of $20 million,” said Suzuki to the council. The only other public commenter was resident Osvaldo Vera, who spoke in support of Self-Help Enterprises and shared that his home was one of the organization’s early projects in the region. After closing the public hearing, the council voted 4-0 to approve the resolution, with Councilmember Esmeralda Hurtado being absent. </div></body>

Block Source: midvalleytimes.com

Misinformation

Clickbait

Old or repetitive news

Explicit content

Location not relevant

SANGER – Following public input and action from the Sanger City Council, the next stage for local affordable housing has secured its final bit of funding. On Sept. 16, the city council held a public hearing and approved a resolution for the issuance of revenue bonds to support Self-Help Enterprise’s Cherry Crossing II housing project. The bonds will be issued by the California Municipal Finance Authority in an amount not to exceed $20 million. But according to Self-Help Senior Project Manager Kristin Ainely, the actual bond amount is projected to be closer to $8.9 million when considering additional funding sources.

Sanger approves bonds for Cherry Crossing II

NewsBreak

SANGER – Following public input and action from the Sanger City Council, the next stage for local affordable housing has secured its final bit of funding. 

Sanger approves bonds for Cherry Crossing II

Comments