Financing has been secured to preserve 88 homes and create 92 new housing units for seniors in Sylmar, California.
Hunt Capital Partners (HCP), in partnership with Alliance Property Group (APG) and Community Bible Community Development Corp. (CBCDC), has announced the closing of $37 million in federal low-income housing tax credit (LIHTC) and $15.1 million in state LIHTC financing for the redevelopment and expansion of Valley Pride Village, an affordable housing development that has served San Fernando Valley seniors since 1971.
Valley Pride Village will offer a mix of studio, one-, and two-bedroom homes for seniors who earn up to 30% and 80% of the area median income. The existing buildings will undergo extensive renovations, including upgrades to cabinetry, countertops, faucets, and heating systems as well as the installation of LED lighting and appliances.
Exterior enhancements will feature new roofing, windows, paint, and an improved clubhouse with a handicapped-accessible restroom. The developers will also introduce a new two-story residential building to bring additional housing choices for seniors.
Residents will benefit from a variety of services, ranging from skill building and adult education to health and wellness.
Led by APG president Danielle Curls Bennett, the development team is an example of APG’s commitment to partner with BIPOC organizations to empower underserved communities with the resources and momentum to build quality housing and make meaningful impact. CBCDC, a nonprofit that has provided affordable housing for over 50 years and represents one of the oldest Black churches in Pasadena, is the co-developer.
Aldrich Burch Construction is the general contractor for the existing 88-unit building, and Walton Construction is the general contractor for the new residential building and all sitework. KFA Architecture is the architect of record. FPI Management will provide property management.
HCP syndicated the federal and state LIHTCs through a proprietary fund with JPMorgan Chase. The California Housing Finance Authority (CalHFA) provided $62.2 in tax-exempt construction financing, $24.4 million in permanent financing, and $4 million in soft financing through its mixed-income housing program. The Housing Authority of the City of Los Angeles provided $18.5 million in tax-exempt construction financing through CalHFA. CBCDC provided $4 million in construction-to-permanent financing.
“Many seniors live on fixed incomes, and seniors across the country are increasingly finding it difficult to find and maintain an affordable place to call home, especially here in Los Angeles,” said Amy Dickerson, chief operating officer at HCP. “Valley Pride Village ensures that 180 senior Angeleno households will have access to quality housing where they can age with a little more peace of mind.”
