Developed by EAH Housing, Cathedral Gardens in Oakland, Calif., features 40 units reserved for households earning no more than
30% of the area median income, 20 units at 50% of the AMI, and 39 units are
at 60% of the AMI. Forty-three units have project-based Sec. 8 vouchers.
The $40.5 million is financed with 4%
low-income housing tax credit (LIHTC) equity from syndicator Merritt Community
Capital. The team also utilized energy rebates.
Cathedral Gardens blends an old church rectory with two new buildings. EAH Housing originally planned to finance Cathedral Gardens with 9% low-income housing tax credits (LIHTCs) but returned the award after determining the deal worked better as a 4% LIHTC project, a move that benefited the project in the long run, says Matt Steinle, vice president of real estate development.