Wells Fargo & Co. announced it has provided $22.7 million for the redevelopment of a public housing development in San Bernardino, Calif.
Known as Waterman Gardens, the property is undergoing a multi-phase transformation. Under the latest phase, National Community Renaissance will build 62 affordable, garden-style apartments to replace 19 one- and two-story townhomes and a maintenance building.
Wells Fargo supplied $8.8 million in construction-to-permanent financing through the Department of Housing and Urban Development’s (HUD’s) Sec. 221(d)(4) program, and purchased $13.9 million in low-income housing tax credits (LIHTCs). The development is part of HUD’s Rental Assistance Demonstration (RAD) program, which provides the opportunity to convert public housing properties into long-term Sec. 8 housing.
“Wells Fargo is thrilled to close this new construction loan through HUD’s RAD program, providing more affordable living options for the San Bernardino community,” said Jennifer Quigley, managing director, Wells Fargo Multifamily Capital, in a statement.
The project has also received HOME funds from the city of San Bernardino and a development loan and ground lease from the Housing Authority of San Bernardino.
In 2015, Wells Fargo community development lending and investments to support affordable housing, job creation, community services, and economic development totaled $7.6 billion (according to 2015 CRA data). For more than 15 years Wells Fargo has been investing in LIHTCs, directly and through equity funds.