Cabrillo Opens Two Developments
OXNARD, CALIF.—The Cabrillo Economic Development Corp. (CEDC) has announced that residents have begun moving into two new developments here.
Paseo Santa Clara features 54 rental homes for extremely low-income residents, defined as 20 percent to 30 percent of the area median income (AMI), and very low-income residents, those earning no more than 50 percent of the AMI.
Paseo Del Rio features 86 rental homes for extremely low- and very low-income individuals and families. The developments are located next to each other and are designed as one community. There are 24 units for individuals who have special needs.
Last year, more than 1,300 people gathered at the Oxnard Performing Arts Center to learn about the 140 rental apartments. Leasing preference was given to individuals who already lived or worked in the city of Oxnard.
CEDC is a private nonprofit community development corporation that provides comprehensive housing services, through a community building approach, in Ventura and Santa Barbara counties.
Northwest Housing Opens New Development
WILSONVILLE, ORE.—Northwest Housing Alternatives has opened The Charleston, a 52-unit affordable housing community.
The Charleston is located in the heart of the Villebois neighborhood, close to Tri-Met’s new Westside Express Service train station, shopping, recreation, and parks.
The building was developed with a mix of funding partners including the Department of Housing and Urban Development, Oregon Housing and Community Services, Oregon Department of Human Services, Clackamas County Community Development, the National Equity Fund, Network for Oregon Affordable Housing, and Key Bank.
The apartments rent for $510 per month, which includes all utilities except for electricity. The units are reserved for households earning no more than $24,500 for single individuals or $28,000 for a two-person household.
Northwest House Alternatives is one of the largest and oldest nonprofit community development organizations in Oregon.
Supportive Housing Gets Under Way
INDIANAPOLIS—The Julian Center has broken ground on 34 North, a permanent supportive-housing development for victims of domestic abuse.
34 North will consist of 52 new apartment homes and 19 rehabilitated apartments, formerly called The Vernon Apartments. The community was developed in partnership with Indianapolis-based Herman & Kittle Properties, Inc. Herman & Kittle will also serve as general contractor and property manager, while The Julian Center will retain ownership.
The Julian Center is a nonprofit agency that provides counseling and shelter for survivors of domestic violence, sexual assault, and other crises.
It is estimated that 75 percent of Julian Center clients are currently searching for temporary or permanent housing. 34 North will meet a crucial housing need for those recovering from domestic violence and others searching for affordable housing options.
Apartments will range in size from studios to four-bedroom units.
Raising the capital for 34 North has been a priority for The Julian Center for the last two years. Last spring, the organization was awarded $8.1 million in federal tax credits, to be given over 10 years, from the Indiana Housing and Community Development Authority. A $1 million grant from the United Way of Central Indiana and donations from Deborah Simon, the Efroymson Family Fund, The Reuben Family Foundation, and Mike and Sue Smith also were contributed to the fundraising effort.
Seniors Housing Marks Final Phase of Redevelopment
ST. LOUIS—Rosemann & Associates, P.C., has completed Stratford Manor, a $5.2 million affordable housing development for seniors. The independent-living community located in Pine Lawn, Mo., is the final phase of the C.S. Bond Apartments’ redevelopment, now named Stratford Commons.
Gundaker Commercial Group and the Housing Authority of St. Louis County led the development team with funding assistance provided by the Missouri Housing Development Commission. The previous two phases provide a total of 114 townhomes for low-income families, while Stratford Manor includes 52 one- and two-bedroom garden-style apartments.
CPC Provides Loan For Historic Rehab
BUFFALO, N.Y.—The Community Preservation Corp. is providing a $2.3 million construction and permanent loan to rehabilitate a former school into a mixed-use complex.
The former Annunciation School Building will be renovated into 20 two-bedroom units, 7,000 square feet of office space, and 4,000 square feet for a day-care center that will be leased and operated by the Waldorf School.
The borrowers are Karl Frizlen and Paul Johnson, who own equal shares of the managing partnership of the borrowing entity, 257 Lafayette, LLC. They purchased the building from the Archdiocese of Buffalo for $200,000.
The building qualifies for federal and state historic rehabilitation tax credits, which the borrower plans to purchase from the insurance company that holds them. The permanent CPC loan is insured by the State of New York Mortgage Agency.
Project Mixes Housing and Mental Health Funds
BRONX—A $37 million affordable housing development in the Morris Heights section of the Bronx is the first development to blend funds from the New York State Housing Finance Agency (NYSHFA) and the state Office of Mental Health.
Of the 105 apartments, 55 will be available to individuals recovering from mental illness, and 50 units will be available to households earning less than 60 percent of the AMI.
Community Access and its partner, Alembic Development, broke ground on the project in June.
Funding also came from the New York State Division of Housing and Community Renewal.
The financing package included the sale of $26.9 million in bonds by NYSHFA. Low-income housing tax credits (LIHTCs) were syndicated by The Richman Group. HSBC Bank USA, N.A., provided a letter of credit, and the Corporation for Supportive Housing provided a pre-development loan.
LIHTC Property Opens its Gates
OPELIKA, ALA.—Jordan’s Gate, a new community of 48 single-family homes for low-income residents, has opened here.
Partners in the $9.3 million development include The Bennett Group, the Greater Peace Baptist Church, and the Greater Peace Community Development Corp. Enterprise Community Partners and Enterprise Community Investment, Inc., provided financing.
The $9.3 million development was funded with $8 million in LIHTC equity, a $1 million multifamily mortgage loan, a $20,000 Sec. 4 capacity building grant from Enterprise, and a $1.3 million construction loan from Troy Bank & Trust.
Residents will have an option to purchase their homes at the end of the 15-year tax credit compliance period.