Yes. The Placer County Board of Supervisors unanimously approved up to $7.26 million for Phase 1 of Hope Way Apartments in Penryn on August 25, 2026.
The approval supports 132 apartments at 3130 Penryn Road, including 131 affordable rental homes and one manager's unit. The county is providing a long-term loan, not a grant from its general fund. The decision covers only the first phase of the previously approved 240-unit development.
Table of Contents
- What funding did the board approve?
- Who are the apartments intended to serve?
- Why is only the first phase moving forward?
- What environmental review applies?
What funding did the board approve?
According to Placer County's August 25 funding announcement, the commitment is structured as a 55-year loan with 3% simple annual interest. The county may lend up to $7.26 million.
The money will come from affordable-housing in-lieu fees collected from the Bickford Ranch development. These are funds paid toward affordable-housing obligations; the loan will not draw from Placer County's general fund. Phase 1 consists of:.
- 131 income-restricted rental homes
- One apartment for an on-site manager
- 132 apartments in total
- A location at 3130 Penryn Road in unincorporated Penryn
Who are the apartments intended to serve?
Hope Way's first phase is intended for lower-income households earning from 30% to 70% of area median income, or AMI. AMI is the local income benchmark used to express the project's household-income range. Placer County says the 131 affordable homes will remain income-restricted for 55 years.
The verified county information establishes the target income range, but it does not provide application dates, rent amounts, tenant-selection rules, or a leasing contact. Prospective renters should therefore treat the funding vote as a project milestone, not an announcement that applications are open. They will need project-specific leasing information before determining whether their household qualifies.
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Why is only the first phase moving forward?
Hope Way was approved as a 240-unit development. The county's current funding commitment supports the initial 132 apartments, while another 108 homes remain planned for Phase 2. In January 2026, supervisors approved the project's design review and state density-bonus concessions.
However, the board rejected a separate proposed $10.8 million funding agreement by a 3–2 vote, according to Placer County's account of the earlier decision. Litigation then sought to stop the project. A May 2026 settlement allowed immediate construction of the first 132 homes but deferred additional development for four years while alternatives are discussed, according to Holland & Knight's settlement announcement.
What environmental review applies?
California's CEQA database records no additional California Environmental Quality Act review for Hope Way. The stated reason is that the project conforms to the earlier Housing Element rezone environmental impact report.
That earlier report identified significant impacts and imposed mitigation and monitoring requirements, according to the Governor's Office of Land Use and Climate Innovation project record. The absence of another review does not mean the prior environmental findings or required measures disappeared. Residents tracking the project should distinguish between the phases: the funding approval and settlement allow the initial 132 apartments to proceed, while the remaining 108 homes are deferred.
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