Enterprise Community Investment, Inc., announced that it has closed an $8.3 million low-income housing tax credit syndication deal that will help Community Corporation of Santa Monica (CCSM) build a 47-unit affordable housing development in Santa Monica.
High Place West Apartments, which will have 32 two-bedroom and 15 three-bedroom apartments in a three-story building, will serve families earning between 35 percent and 60 percent of the area median income. Construction began in late October.
The development will be built with green features such as Energy Star-rated appliances, heating systems, windows, and doors, low-VOC paint, and low-flow fixtures. As required of all California new construction, it will be 15 percent better than the current energy-efficiency standards. In addition, the complex will feature a community room, a subterranean garage with 80 parking spaces, and a part-time resident services coordinator.
CCSM also received financing from the California Community Reinvestment Corp., California Department of Housing and Community Development’s Multifamily Housing Program, and the city of Santa Monica. Additional financing was provided by Citibank and the California Statewide Communities Development Authority.
“Building affordable housing is never easy, but it’s especially challenging in the current economic environment,” said Raoul Moore, senior vice president of tax credit syndication at Enterprise, in a statement. “The housing credit is the single largest provider of affordable housing and enables developments like High Place West to obtain the critical financing it needs to become a reality.”