BRIDGE Housing has acquired a 100-unit property that will be preserved as affordable housing for seniors in Pacifica, Calif.
This transaction paves the way for new capital improvements at Ocean View Senior Apartments, which was purchased from National Church Residences (NCR).
In 2000, NCR acquired the development at the request of the city of Pacifica, with the goal of sustaining the property’s affordability. For 15 years, the Ohio-based nonprofit delivered on that goal. In recent times, NCR had been looking at refinancing the property to repay two maturing loans and address capital needs, according to officials.
“We determined it was in the best interest of the Ocean View community to engage a mission-minded partner like ourselves with the local presence needed to execute new financing terms and oversee the rehabilitation,” said Steve Bodkin, NCR’S COO of housing, in a statement.
The organization reached out to BRIDGE, a leading nonprofit developer, owner, and manager of affordable housing headquartered in San Francisco.
BRIDGE is investing about $26.8 million in the acquisition and rehabilitation of the property. Renovations will commence in November with new financing in place, including tax-exempt bonds, additional funding through California Housing Finance Agency, restructuring of existing debt with San Mateo County and the Housing Endowment and Regional Trust, and the addition of low-income housing tax credit equity from Merritt Community Capital Corp.
The renovations will replace aging building elements and systems with more efficient and higher-performing alternatives, restore and enhance the physical condition of the building, and ultimately enhance residents’ quality of life. The recapitalization also provides funding to enhance on-site services. Residents will have access to programs such as wellness and nutrition classes and referral services, free of charge.
All current residents will be able to remain in their units for the long term, and new deed restrictions have been placed on the property to ensure rent restrictions will continue for 55 years. Ocean View is affordable to seniors whose annual incomes range from approximately $14,928 to $84,500 (minimum income standard to 80% of the area median income, depending on household size), though 31 apartments will have additional subsidy provided by the Housing Authority of the County of San Mateo to serve people with lower incomes.
“We are delighted to have partnered with National Church Residences during this transition,” said Cynthia A. Parker, president and CEO of BRIDGE. “Ocean View provides much-needed housing for seniors in Pacifica, and we look forward to keeping it that way for the next 55 years.”