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The Placer County Board of Supervisors unanimously approved up to $7.26 million Tuesday to help fund the first phase of the Hope Way Apartments affordable housing development in Penryn.
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The project at 3130 Penryn Road will include 132 apartments, with 131 affordable units and one manager’s unit. The apartments will be available to households earning between 30% and 70% of the area median income, with affordability protections lasting 55 years.
The county’s loan will be funded with affordable housing fees generated by Bickford Ranch, not the general fund. The loan will be repaid over 55 years at 3% simple annual interest, according to the county.
Tuesday’s unanimous vote marked a shift from the board’s decision last year to reject a proposed $10.8 million loan for Hope Way when supervisors approved the development.
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Hope Way is the first phase of a previously approved 240-unit affordable housing development. Under a settlement reached in May following a legal challenge to the project, developer USA Properties Fund cannot pursue additional apartments for at least four years.
The settlement ended a dispute between USA Properties and Placer Citizens for Neighborhood Rights, a group that sued Placer County after supervisors approved the development.
The project has faced strong opposition in Penryn, a rural community of about 1,100 residents, with opponents raising concerns about traffic, impacts on local schools and evacuation safety. Opponents argued the development would nearly double the community’s population and raised concerns about Penryn Road, the area’s primary evacuation route.
The Placer County Planning Commission rejected the proposed 240-unit development in October 2025, but supervisors later approved it in a 3-2 vote after state housing officials warned that denying the project without sufficient health and safety grounds could violate California housing law and expose the county to penalties.
Most residents who spoke at the December hearing opposed the development, while supporters said it would provide needed affordable housing near Interstate 80 and regional job centers.
Under the settlement, USA Properties may build the first 132 apartments while the developer and Placer Citizens for Neighborhood Rights discuss possible alternatives for the remaining 11.5 acres, along with potential road and public safety improvements.
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If the two sides cannot agree on future uses for the property, USA Properties could be limited to 23 additional apartments, abandon further development or conduct a traffic study after the first 132 apartments are built and fully leased before seeking additional construction.
Supervisor Cindy Gustafson said the investment was an important part of building a strong Placer County.
“To achieve our goals, to keep moving forward, we have to invest in affordable housing, and that will vary from project to project as we balance our affordable housing needs with other needs in the county,” she said.
Placer One affordable housing project
Supervisors on Tuesday also approved a preliminary funding agreement for another affordable housing development planned in unincorporated Roseville, potentially involving an $8.9 million county loan.
The proposed Destination at Placer One development would include 360 apartments, including 356 affordable units and four manager’s units. Of the affordable apartments, 36 would be reserved for extremely low-income households, 36 for very low-income households and 284 for low-income households, according to the county.
Tuesday’s action did not provide the $8.9 million loan. Instead, it established a framework for negotiations on a potential county loan — a final funding commitment would require another vote by supervisors, and the developer would have to secure the remainder of the project’s financing.
Supervisors approved the preliminary agreement 4-1, with Supervisor Suzanne Jones opposed.
Combined, Hope Way and Destination at Placer One could add nearly 500 affordable apartments in Placer County. The projects are part of the county’s Housing Action Plan, which calls for adding 1,300 units of achievable housing by summer 2029.
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