Enterprise Community Investment has announced $17.4 million in low-income housing tax credit (LIHTC) investments to two developments that will provide 105 units of affordable, supportive housing in Los Angeles County.
Both projects are by A Community of Friends (ACOF), a longtime nonprofit developer.
“This investment represents our 25th and 26th developments with ACOF, an organization that provides quality, supportive housing in the region,” said Jeff Schaffer, vice president and Southern California market leader at Enterprise Community Partners, the parent company of Enterprise Community Investment. “At Enterprise, we are committed to ending housing insecurity within a generation, which means no more homelessness and no more families paying more than half of their income on housing.”
The projects, Cedar Springs and The Berendos, bring Enterprise closer to that goal by creating new opportunities and connecting residents to jobs, good schools, transit, and health care, said Schaffer in a statement.
To be built adjacent to the campus of service provider David & Margaret Youth and Family Services in La Verne. Cedar Springs will include 20 one-bedroom, eight two-bedroom and seven three-bedroom apartments. Twenty-eight apartments are designated for special-needs individuals and families with 25 targeted for transition-age youth (18 to 25 years old) who are homeless or at risk of becoming homeless, and three set aside for households with a family member who has a mental illness. About $12.5 million in funding comes from housing credit equity syndicated by Enterprise with JPMorgan Capital Corp. as investor.
“With Cedar Springs, we are again excited to take our work outside the city of Los Angeles to provide much-needed homes in other parts of the county,” said Dora Leong Gallo, CEO of ACOF. “This is our second development that will include housing and services designed with both transition-age youth and families in mind. We are confident our partner, David & Margaret, possesses the service expertise that will ensure long-term success.”
In addition to the four, two-story residential buildings, Cedar Springs will have a community building to house two offices for social services, a computer room, and a community room with kitchen. Cedar Springs has been designed to meet Enterprise Green Communities standards equivalency and to achieve LEED Platinum certification.
Cedar Springs’ one-bedroom apartments will be available to households making up to 30 percent of the area median income (AMI), with some two- and three-bedroom apartments reserved for families earning up to 50 percent of the AMI.
The other project is The Berendos in Los Angeles’ Koreatown neighborhood. Constructed in the 1920s and renovated in the mid-1990s with seismic reinforcement, The Berendos will undergo a substantial rehab to improve building sustainability, including new kitchens, bathrooms, roofs, boilers, and re-configured entryways. The two buildings located on the same block include 59 studios and 11 one-bedroom apartments.
This project will receive about $4.9 million in LIHTC equity from an Enterprise multi-investor fund. Current residents will not be displaced during a 10-month rehab that will bring green features to the buildings including a solar hot water heating system, cool roofs, and energy-efficient electrical and plumbing features. Located in a revitalizing neighborhood, The Berendos is located near public transit and within walking distance to health care, shopping, and services. The apartments serve households making up to 30 percent of the AMI.
