Council Approves Plan for 306 Affordable Units
Canopy Housing will buy The Maven on Broadway in Sacramento and convert 306 of its units to affordable housing.
Updated on Nov. 12, 2026 in Apartments
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The Sacramento City Council gave final approval on November 10, 2026, to a plan for Canopy Housing to purchase The Maven on Broadway and convert 306 units to affordable housing. The plan was proposed by the Sacramento Housing and Redevelopment Agency and previously received approval from the Sacramento County Board of Supervisors.
Why it matters
The plan aims to bring Sacramento rents back to pre-pandemic levels, after double-digit rent increases during COVID that the market has not fully reversed. It offers lower-cost units to residents across a range of income levels in the Upper Land Park neighborhood.
Canopy Housing will pay about $106 million for the property using nonprofit tax-exempt revenue bonds, and 224 units will be reserved for tenants earning under 80% of area median income. The 2026 80% AMI limit for a one-person household is $73,600 a year, while 82 units are reserved for tenants under 50% AMI.
The players
Canopy Housing
Canopy Housing is a nonprofit developer that will buy The Maven on Broadway and operate the converted affordable units.
Sacramento Housing and Redevelopment Agency
The Sacramento Housing and Redevelopment Agency is the local public agency that proposed the affordable housing plan for the property.
Sacramento City Council
The Sacramento City Council is the city's governing legislative body that gave final approval to the plan.
Sacramento County Board of Supervisors
The Sacramento County Board of Supervisors is the county's governing body that previously approved the plan.
The details
Under the plan, 306 of the building's 406 units will become affordable housing, and the development will keep 102 market-rate units with one-bedroom rents around $1,984 a month. Canopy Housing plans to take title of the property on December 10, 2026.
Timeline
The Maven on Broadway opened in 2023.
Sacramento City Council gave final approval to the plan on November 10, 2026.
Canopy Housing plans to take title of the property on December 10, 2026.
Market Landscape
The plan uses nonprofit tax-exempt revenue bonds to finance the $106 million purchase, a mechanism that lets a nonprofit acquire market-rate rental housing and restrict it to lower-income tenants. It positions this Sacramento building as a conversion from market-rate to affordable rents in a city whose rents have not returned to pre-pandemic levels.
Residents who earn under 80% of area median income may qualify for one-bedroom units at $1,776 a month, or $1,315 a month at 50% AMI, instead of the market-rate $1,970 to $2,392 range. Renters in the building who earn more than these limits will remain in market-rate units.
The takeaway
Renters eyeing affordable units in Sacramento should check income limits early, since the 80% AMI threshold for a one-person household is $73,600 a year. Applications are expected soon once the title transfer proceeds.
What happens next
Applications for the affordable units are expected to open soon, and Canopy Housing plans to take title of the property on December 10, 2026.
Further reading
For more on rental options in the area, see Apartments in Sacramento.
Live Poll
Should your city use public money to convert market-rate apartments into affordable housing?
