A new 64-unit development is providing affordable housing in downtown Santa Monica, Calif.
The Arroyo features 29 one-, 18 two-, and 17 three-bedroom apartments for families in a LEED Gold building and is one of the largest affordable housing communities built in the city in several years.
“We are thrilled to bring this beautifully designed, environmentally sustainable affordable property tothe heart of downtown Santa Monica,” said Tara Barauskas, executive director of the Community Corporation of Santa Monica. “The Arroyo will add to Santa Monica’s affordable housing stock, making the city a more inclusive and vibrant place for everyone to live.”
The nonprofit organization developed the property in collaboration with several partners, including Bank of America Merrill Lynch, Koning Eizenberg Architecture, and Santa Monica officials.
The development will provide a variety of on-site resident services, including after-school and teen programming, health and wellness classes, and computer-skills training.
Bank of America Merrill Lynch provided approximately $20 million in low-income housing tax credit equity as well as a $4.7 million construction loan and a $1.1 million permanent loan to finance the development. For-profit partner, DK Broadway, also provided a gap loan of about $2.5 million.
The development benefitted from the city’s inclusionary housing program, which required developers of a large mixed-use project to help finance affordable housing, according to local reports.
The Community Corporation of Santa Monica restores, builds, and manages affordable housing for people of modest means. Founded by community leaders in 1982, it has built or restored more than 80 properties throughout Santa Monica, creating over 1,700 affordable homes and transforming the lives of more than 4,000 people every year.
