Funding Commitment Letter for the Hope Way Apartments Phase 1 Project
Summary
SCH Number
2026090089
Public Agency
Placer County Community Development Resource Agency
Document Title
Funding Commitment Letter for the Hope Way Apartments Phase 1 Project
Document Type
NOE - Notice of Exemption
Received
Posted
9/2/2026
Document Description
The Hope Way Apartments Project is a previously approved 240-unit affordable housing community with twp (2) of the 240 units as onsite manager's units. The community would include eight (8), 24-unit residential buildings; four (4), 12-unit residential buildings; and two (2) clubhouse/recreation buildings and would be accessed via two driveways from Hope Way. The project also proposes outdoor amenities; on -site improvements including parking, drive aisles, landscaping, and fencing; frontage improvements; and offsite roadway network improvements. On January 26, 2026, the Placer County Board of Supervisors approved a Design Review Agreement and State Density Bonus Law concessions and incentives for the Hope Way Apartments Project, finding that that project is exempt from further CEQA review pursuant to Placer County Code Section 17.49.010(E), Government Code Section 65583.2(i), Public Resources Code Sections 21083.3 and 21166, and CEQA Guidelines Sections 15183 and 15168(c).
On August 25, 2026, the Placer County Board of Supervisors took the action that is the subject of this notice, approving a Funding Commitment Letter with Penryn 721, L. P ., conditionally committing the County to enter into a future Funding Agreement for a loan with a principal balance of up to $7,260,000 to be repaid over a 55- year term at 3% interest per annum for the development of Phase 1 of the Hope Way Apartments Project. Phase 1 consists of 132 total units, and includes seven multifamily apartment buildings along with indoor and outdoor amenities, parking, landscaping, and offsite improvements. The Board also authorized the County Executive Officer, or designee, to execute a future Funding Agreement, Use Deed Restriction, and Deed of Trust, and associated documents, consistent with the terms of the Funding Commitment Letter.
Contact Information
Name
Nikki Streegan
Agency Name
Placer County
Job Title
Principal Planner
Contact Types
Lead/Public Agency
Phone
Email
Name
Penryn 721. L.P
Agency Name
Penryn 721. L.P
Job Title
Property Owner
Contact Types
Project Applicant
Address
Phone
Email
Location
Cities
Penryn
Counties
Placer
Regions
Northern California, Unincorporated
Cross Streets
3130 Penryn Road in Penryn, Placer County
Total Acres
11.43
Parcel #
043-060-045-000 and 043-060-048-000
Other Location Info
Penryn, Placer County
The site slopes from the northeast corner to the southwest comer at approximately three percent with elevations of approximately 474 feet above sea level at the intersection of Penryn Road and Hope Way and 440 feet above sea level at the southwest comer of the property. The site is bound to the east by Penryn Road and to the north by Hope Way . A small portion of Boyington Road is adjacent to the southeast comer. The project site consists of two separate parcels and together the parcels form a square shape with relatively straight lines. Surrounding adjacent parcels range in size from 1.4 acres to ten acres.
Notice of Exemption
Exempt Status
Other
Type, Section or Code
CEQA Section 15378 PRC Section 21083.3 (CEQA Guidelines15183) PRC Section 21166 (CEQA Sec 15168(c))
Reasons for Exemption
The approval of a Funding Commitment Letter and authorization of the County Executive Officer to execute a future Funding Agreement, Use Deed Restriction, and Deed of Trust with Penryn 721, L.P. for a loan of up to $7,260,000 in support of Phase 1 of the Hope Way Apartments Project is not a "project" within the meaning of CEQA pursuant to CEQA Guidelines Section 15378, because it is an organizational and administrative activity of government that will not result in any direct or indirect physical change to the environment. The approval of the Funding Commitment Letter commits the County only to negotiate and potentially execute a future Funding Agreement for a loan to support Phase 1 of the previously approved Hope Way Apartments Project. The funding action itself authorizes no physical development; it does not approve, modify, or authorize construction of any physical improvements. Any physical changes to the environment would result from the underlying development project, which was previously approved by the Board of Supervisors on January 26, 2026, and was determined at that time to be exempt from CEQA review pursuant to the provisions cited above.
Separately and independently, the funding approval is exempt from further CEQA review because the Hope Way Apartments Project is exempt from further CEQA review pursuant to Public Resources Code Section 21083.3 and CEQA Guidelines Section 15183 because the Hope Way Apartments Project is consistent with the development density established by the Housing Element Sites Rezone EIR, and because none of its environmental effects: (1) are peculiar to the project or the parcel on which the project would be located, (2) were not analyzed as significant effects in the Rezone EIR with which the project is consistent, (3) are potentially significant off-site impacts and cumulative impacts which were not discussed in the Rezone EIR, or (4) are previously identified significant effects which, as a result of substantial new information which was not known at the time the Rezone EIR was certified, are determined to have a more severe adverse impact than discussed in the prior Rezone EIR.
Further environmental review is also not required pursuant to Public Resources Code Section 21166 and CEQA Guidelines Section 15168(c) because there is no evidence in the record of new significant environmental effects, or of a substantial increase in the severity of previously identified significant effects, or of new information of substantial importance, which was not known and could not have been known with the exercise of reasonable diligence at the time the Rezone EIR was certified, showing that mitigation measures or alternatives previously found not to be feasible would in fact be feasible and would substantially reduce one or more significant effects of the project but the project proponents decline to adopt the" mitigation measure or alternative, or that mitigation measures or alternatives which are considerably different from those analyzed in Rezone EIR would substantially reduce one or more significant effects on the environment, but the project proponents decline to adopt the mitigation measure or alternative.
County Clerk
Placer
Attachments
Notice of Exemption
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