Serrano Woods has been a win-win opportunity for working families and a local church in Orange, Calif.
C&C Development and Orange Housing Development Corp. purchased the vacant urban site for the 63-unit workforce project from the Orange Villa Bible Church. This allowed the small, nondenominational church, which had seen a decrease in attendance over the years, to maximize its land value to support its finances.
The garden-style development includes 42 two-bedroom and 21 three-bedroom units for growing families earning between 30 percent and 60 percent of the area median income as well as a 2,200-square-foot community center.
The development team also partnered with the adjacent Friendly Center and the church to run the social services programs.
The urban infill project is part of a mature neighborhood and is close to restaurants, retail, and public transportation. “Sometimes, the families only have one car, and the individual working has the car for the day,” says Todd Cottle, principal of C&C Development. “[Serrano Woods] has every amenity you need within 100 yards.”
The $17.5 million project was financed with low-income housing tax credit equity provided by Bank of America Merrill Lynch through National Equity Fund; a permanent loan from Bank of America; and funds from the city.
