Over 25 Affordable rental communities with more than 4,300 units
LAGUNA SENIOR APARTMENTS, HOLLYWOOD, CA
The 64 unit Laguna Senior Apartments was created through a unique collaboration with Project New Hope to serve seniors with HIV/AIDS in a mixed-income, mixed population setting. It contains 53 1BR and 11 2BR units.
Construction was completed in June 2007 using a broad range of financing, including 4% housing tax credits and loans from the City and County of Los Angeles and the State of CA. Demand for the property is strong and all units were leased within 90 days of completion.
The development offers a range of on-site social services such as computer training classes and counseling and coordinates third-party services (meals, medical programs, etc.) beneficial to residents. www.lagunasenior.com
MCCOY VILLA I, WATTS, CA
Construction of McCoy Plaza was completed in July 2010 through collaboration with Watts Labor Community Action Committee (WLCAC). McCoy Villa brings homeless families into a service-enriched environment in the heart of the Watts area of Los Angeles. The building provides 64 units serving very low-income homeless households who receive Project-Based Section 8 rental subsidies from the local Housing Authority. Units are fully furnished, and residents receive a broad range of social service support, including job training, education programs, counseling, and children’s programs. Public agency funding included 9% housing tax credits and loans from the City and County of Los Angeles. www.mccoyvilla.com
TULARE APARTMENTS, TULARE, CA
This 250 unit development includes four properties on scattered sites throughout Tulare County: Alder Apartments (64 units – Porterville, CA), Evergreen Apartments (41 units – Porterville, CA), Tulare Apartments (97 units – Tulare, CA), and Woodlake Apartments (48 units – Woodlake, CA). The properties were originally developed under the US Dept. of Agriculture’s rural housing development program and many of the residents continue to receive rental subsidies from the USDA. In partnership with the PAM Companies, AHCDC acquired the four separate properties and combined them into a more efficient portfolio using a common financing plan with a tax-exempt bond loan, USDA financing, and equity from 4% low-income housing tax credits. An extensive renovation of the properties was completed in December 2008. The development team invested $5.25 million to substantially upgrade the existing buildings and provide new site drainage, accessibility modifications, railings, windows, and HVAC.
ENTRATA MIXED-USE APARTMENTS, PITTSBURG, CA
The Entrata Mixed-Use Apartments was developed in collaboration with Domus Development and the City of Pittsburg. Construction was completed in September 2007. This mixed-use complex includes 10,000 square feet of ground-floor retail space designed to revitalize the aging urban center of Pittsburg and includes office space for the city’s Housing Authority. On upper floors, the development includes 28 one-, two-, and three-bedroom apartments serving mixed-income families. 13 of the 28 units will be affordable to families earning less than 60% of median income while the remaining units are available at market rates.
SOUTHCREST APARTMENTS, SACRAMENTO, CA
Completed in December of 2009 in partnership with Domus Development, the SouthCrest Apartments scope included the acquisition and rehabilitation of 30 aging apartment units to transform a tired complex with facade upgrades, interior renovation, the addition of community space, a new laundry room, and a manager’s office. The project financing includes 4% low-income housing tax credits and a deferred payment loan from the Sacramento Housing & Redevelopment Agency.
LAKEVIEW APARTMENTS, LAKE ELSINORE, CA
This 152 unit development includes two adjacent properties. Lakeview I (88 units) was originally developed under the U.S. Dept. of Agriculture’s rural housing development program. Although many of the current residents receive rental subsidies from the USDA, the impending expiration of the original affordability restrictions created the potential that the property could be converted to market-rate rental operations. The adjacent property, Lakeview II (64 units) was at risk of expiring HUD user restrictions imposed under its original development financing. In partnership with Reiner Communities, AHCDC acquired both properties in October 2010. An extensive renovation of each property was completed in August 2011, including energy efficiency upgrades, site enhancements, disabled access, upgraded unit interiors, and the reconstruction of the office, laundry, and community building facilities. Project financing included 4% low-income housing tax credits, tax-exempt bonds issued by the California Housing Finance Agency and credit-enhanced by Freddie Mac, and loans from the USDA 515 program and City of Lake Elsinore Redevelopment Agency.
MEADOWVIEW APARTMENTS, PERRIS, CA
This 164 unit development includes two adjacent properties. Meadowview I (88 units) was originally developed under the U.S. Dept. of Agriculture’s rural housing development program. Although many of the current residents receive rental subsidies from the USDA, the impending expiration of the original affordability restrictions created the potential that the property could be converted to market-rate rental operations. The adjacent property, Meadowview II (76 units) was at risk of expiring HUD user restrictions imposed under its original development financing. In partnership with Reiner Communities, AHCDC acquired both properties in October 2010. An extensive renovation of each property was completed in August 2011, including energy efficiency upgrades, site enhancements, disabled access, upgraded unit interiors, and the reconstruction of the office, laundry, and community building facilities. Project financing included 4% low-income housing tax credits, a USDA 515 program loan, and tax-exempt bonds issued by the California Housing Finance Agency. Agency.
GARVEY COURT SENIOR APARTMENTS, EL MONTE, CA
This 68 unit LEED Platinum development was completed in 2012 and includes an on-site health center and a large senior center. Garvey Court’s financing partners include Los Angeles County Community Development Commission, US Bank, City of El Monte, and East-West Bank. AHCDC obtained NSP funds for the development from the California Department of Housing and Community Development in recognition of the site’s prior status as a blighted and foreclosed failed market-rate development.
SANTA FE COMMONS, PITTSBURG, CA
This 30 unit scattered site development consists of a 20 unit building and 10 duplexes. This collaborative project included financing from the City of Pittsburg, the Redevelopment Agency of the City of Pittsburg, and CA Dept. of Housing and Community Development NSP funds. The agency’s collaborative effort combined resources to revitalize previously foreclosed sites in old downtown Pittsburg.