Previously committed $1.6 million funds to Sierra Vista affordable housing were deobligated by Stockton City Council, and nearly $12 million in new loans were approved to help three developments move forward.
The action came during the Tuesday city council meeting on a single resolution that both pulled back the unused funds and awarded loans to eligible applicants from the city’s 2025 Notice of Funding Availability, or NOFA, a formal process the city uses to invite developers to compete for limited housing dollars.
Stockton Economic Development Director Tina McCarty told council the moved funds involves Sierra Vista Phase 3, a project originally funded in 2019. Phases 1 and 2 have been built, but Phase 3 has not moved…