When longtime Napa residents Richard and Annie Bennett approached NVCF in 2021, they had a unique and interesting gift in mind: a piece of real estate. Their four-unit apartment complex on Cedar Street in Calistoga presented both opportunity and complexity, and we were honored to help the Bennetts put their vision into action.
As we explored their generous offering, we discovered something important. The property served as one of Calistoga’s few affordable housing options, and we thought preserving that affordability mattered.
Instead of offloading Cedar Street to a private buyer who’d likely raise rents substantially, NVCF sold the property at a modest discount to Burbank Housing, a nonprofit developer with decades of experience managing affordable units in Napa and the North Bay. As a result, rents at Cedar Street will remain affordable for the next 55 years.
“We are thrilled. Preserving existing affordable housing is often the most effective way to protect working families—and in a community like Calistoga, every unit matters. This purchase reflects our commitment to creating and preserving homes that people here can afford,” shares Kim August of Burbank Housing.
Proceeds from the sale enabled NVCF and the Bennetts to distribute grants to charitable causes Valley-wide, which means that their gift not only protected the workforce housing we so desperately need, it created flexible resources to meet other pressing community issues.
“It’s very gratifying to know that the property we once owned will continue to be rented at affordable rates, and that sales proceeds are fueling the Foundation’s work in the Valley. That’s a legacy we’re proud of,” say Richard and Annie.
Partner
At Napa Valley Community Foundation we partner with donors who choose to conduct their philanthropy through the Foundation, helping them achieve greater impact with a charitable fund tailored to their goals.