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Napa Valley Wine Auction Donates $250,000 to Help Construct Affordable Housing Development in Napa
Grant will provide capital funding for the Magnolia Park Development
3/26/2004 - St. Helena, CA - The Napa Valley Vintners (NVV) has approved a one-time grant in the amount of $250,000 to the Napa Valley Community Housing (NVCH) for a 29-unit rental development for low-income families with monies generated by the 2003 Napa Valley Wine Auction (NVWA).
Known as Magnolia Park Townhomes, the development is located in the city of Napa, at the corner of Imola and Shurtleff Avenues. Scheduled to begin construction in mid-June 2004, the Magnolia Park development will include rental apartments and rental town homes.
"The lack of affordable housing is a major challenge facing residents of Napa County," said Bob Steinhauer, president of the NVV board of directors and senior vice president of Beringer Vineyards. "One of the top priorities of the NVV and the NVWA is to positively impact community needs and concerns, including healthcare, education and youth development, transportation and affordable housing. That's why we're particularly pleased to award this grant - it directly addresses a critical community requirement," Steinhauer added.
Farm workers and their families, low-income families and seniors will benefit from the 29 units available upon completion of Magnolia Park. Four efficiency apartments, four one-bedroom and four two-bedroom apartments will be available for singles, couples and small families. For larger families, 12 three-bedroom and 4 four-bedroom town homes will also be available for rent. In all, 165 low-income persons could benefit from this new affordable housing project.
The total cost of the Magnolia Park Development is $7.8 million. Other funding sources for the development include $600,000 from the City of Napa and $850,000 from the Napa County Trust Fund. NVCH was granted $1.7 million in loans from the State of California Farm Worker Housing program. Long term, low interest tax credit and bond financing, through the Napa Housing Authority, will fund the balance of the project.
For the past three years, the NVWA has contributed to a special set aside fund for unanticipated community needs. Nearly $1 million was contributed to the set aside fund from proceeds of the 2003 Auction to benefit pending youth and housing projects. The $250,000 grant for the Magnolia Park development was drawn from this fund.
With today's announcement, the NVWA has to date donated in excess of $6 million from the proceeds of the 2003 Napa Valley Wine Auction elevating total contributions to the local Napa County community to nearly $50 million since the Auction's inception in 1981.
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