An 80-unit development that will bring affordable and permanent supportive housing to Porterville in Tulare County, California, has secured critical financing.
KeyBank Community Development Lending and Investment announced that it is providing $40.6 million for Finca Serena, which is being developed by UPholdings and Self-Help Enterprises. The financing includes a $23.1 million construction loan and a $2.5 million permanent loan, as well as $15 million in low-income housing tax credit equity.
The development also received support from the California Department of Housing and Community Development, which awarded the project $17 million in funding under the state’s No Place Like Home (NPLH) and HOME programs.
Thirty-nine units will be restricted to residents earning no more than 60% of the area median income (AMI). An additional 39 units will be restricted at 15% and 30% of the AMI and benefit from 20-year rental subsidies from the Kings/Tulare Homeless Alliance under the Department of Housing and Urban Development Continuum of Care Program and the Tulare County Health and Human Services Agency under the NPLH Program, as well as a capitalized operating subsidy reserve. The county will provide mental health and other supportive services to residents for 20 years.
Finca Serena will include two three-story buildings with an on-site leasing office, a multipurpose community room with a kitchen, a supportive services office, a computer lab, an elevator, ADA accessible restrooms, central air conditioning, five laundry rooms, picnic areas with barbecue pits, and a playground.
The development also includes solar panels to minimize electricity costs.
Matthew Haas and John Paul Vachon of CDLI structured the financing.