THE CORONET
Developer: BRIDGE Housing Architects: TWM Architects and BAR Architects
Major Funders: Union Bank; Wells Fargo; California Tax Credit Allocation Committee; California Department of Housing and Community Development; California Debt Limit Allocation Committee; San Francisco Mayor's Office of Housing; San Francisco Redevelopment Agency; Federal Home Loan Bank of San Francisco
SAN FRANCISCO—Affordable housing and health care for seniors come together at The Coronet.
The mixed-use development features 150 affordable senior apartments, including 25 for formerly homeless seniors. More than housing, the six-story building is also home to a new Institute on Aging facility that includes adult day health care, an Alzheimer's center, and a primary-care clinic. There's also space for case management, elder-abuse and elder-suicide prevention programs, and art and education events.
“We and our partner, Institute on Aging, made a concerted effort to design a building that was responsive to the community and the health-care needs of those who would participate in the program,” says Cynthia Parker, president and CEO of BRIDGE Housing, master developer on the project.
The easy access to health care allows residents to age in place and live independently.
The Coronet serves as a new national model for addressing the complex housing and healthcare demands of low-income seniors. “The health-care service need is huge and will continue to be huge as the population ages,” Parker says.
Developers worked on The Coronet for 10 years, overcoming a series of challenges, including early neighborhood opposition as well as the joint planning and financing of two separate components of the building.
The development cost an overall $92 million, of which $55 million was for the housing. The apartments are home to seniors earning between 15 percent and 40 percent of the area median income.
Financing included $19.4 million in lowincome housing tax credit equity from Union Bank and about $21 million in loans from the city of San Francisco.
The development attracted an interest list of more than 7,000 people. In 2010, more than 2,500 seniors submitted full applications. —Donna Kimura
MEDFORD SENIOR RESIDENCES
Developers: Moorestown Ecumenical Neighborhood Development, Inc., and Conifer Realty, LLC Architect: Kitchen & Associates Architectural Services
Major Funders: TD Bank; Red Stone Equity Partners; New Jersey Housing and Mortgage Finance Agency; Medford Township; Burlington County; Federal Home Loan Bank of New York; Columbia Bank; The Reinvestment Fund; New Jersey Board of Public Utilities
MEDFORD, N.J.—Medford Senior Residences is the only affordable housing development for the elderly in its township.
As a result, the 36-unit project makes a significant contribution to the affordable housing stock in affluent Medford and toward allowing seniors to remain in the community.
“Medford is one of the wealthiest suburban communities in New Jersey,” says Matthew Reilly, president and CEO of Moorestown Ecumenical Neighborhood Development, Inc. (MEND). “The opportunity for the elderly to live in Medford when their income is 30 to 60 percent of the median income range is extraordinary."
Twenty percent of the units are set aside for frail elderly.
Developed by MEND and Conifer Realty, LLC, the project is an example of smart growth, placing residents within walking distance of shopping, parks, and a seniors center.
Medford Senior was designed to fit in with the neighboring historic district.
It is also in the New Jersey Pinelands National Reserve, so developers made sure it had minimal impact on the environment.
MEND and Conifer assembled 11 financing sources for the $8.7 million development. Three are related to energy efficiency and not specifi- cally affordable housing resources, says Charles Lewis, vice president at Conifer.
The development, which was built to be at least 35 percent more efficient than conventional buildings, features a photovoltaic system and panelized construction. In New Jersey, developers utilizing renewable energy sources can receive a certificate that can be sold to certain energy producers. These certificates are expected to generate about $40,000 each year, which can be used to service the debt on the project. —Donna Kimura
NORTH HILLS HIGHLANDS
Developers: Ralph A. Falbo, Inc., and Pennrose Properties, LLC Architect: Wallace, Roberts, Todd, LLC
Major Funders: Dollar Bank; First Sterling; BNY Mellon; Pennsylvania Housing Finance Agency; Allegheny County Housing Authority; Allegheny County
PITTSBURGH—Developers Ralph A. Falbo, Inc., and Pennrose Properties have utilized an existing investment and extra land at a nursing home to provide 97 units of independent living at the two phases of North Hills Highlands, creating a continuum of care campus not previously available for low-income seniors in Allegheny County.
“It just makes sense to offer a more comprehensive continuum of care,” says Ralph A. Falbo, chairman of Ralph A. Falbo, Inc.
Creating a retirement village has many pros. The senior residents at North Hills Highlands will be able to take advantage of the services already provided at the neighboring Kane Regional Center, including meals, transportation, and social activities. As the seniors age in place, they then could move into the higher standard of care available to them at the nursing home. Also, residents who have family members in the nursing home can visit and volunteer more readily.
The first phase of North Hills Highlands, which was completed in December 2010, features 54 one-bedroom and six two-bedroom units for residents earning between 20 percent and 60 percent of the area median income (AMI).
The second phase, which was completed in February and is located on an empty floor at the nursing home, is comprised of 37 onebedroom units for residents earning between 20 percent and 60 percent of the AMI.
North Hills Highlands benefited from the American Recovery and Reinvestment Act. The $14.5 million first phase and the $9.7 million second phase both received Tax Credit Assistance Program funds.
The first phase's financing also included a loan from the Pennsylvania Housing Finance Agency, funding from Allegheny County and the Allegheny County Housing Authority, and tax credit equity syndicated by First Sterling with a direct placement with BNY Mellon. The second phase received funding through the county and housing authority as well as equity provided by Dollar Bank. —Christine Serlin
SEASONS AT COMPTON
Developer: LINC Housing Architect: Nardi Associates, LLP
Major Funders: National Equity Fund, Inc.; Bank of America Merill Lynch; Federal Home Loan Bank of San Francisco; City of Compton; City of Industry; County of Los Angeles; California Department of Housing and Community Development; California Tax Credit Allocation Committee
COMPTON, CALIF.—When LINC Housing started to plan its SEASONS at Compton project for seniors, the team realized that many developmentally disabled individuals had unmet housing needs.
According to Suny Lay Chang, co-COO and executive vice president of development, the growing need stems from the life span increasing for developmentally disabled adults and the number of aging parents and grandparents caring for developmentally disabled dependents.
When SEASONS at Compton opens its doors in July, it will feature 67 one-bedroom and 16 two-bedroom units for residents earning between 30 percent and 50 percent of the area median income. Thirty-two of the units will be set aside for households that have a developmentally disabled resident.
LINC Cares will provide activities, and there will be on-site case management. The developer also creating landscaped open space with a circuit to walk with exercise stations designed for people with limited mobility.
“It's a beautiful project that serves the underserved with both the developmentally disabled and seniors populations,” says Chang.
Getting the deal off the ground wasn't an easy task. It took more than six years, about 15 funding sources, and the support of the city and the county since the property was built on a vacant lot that straddles both jurisdictions.
The almost $25 million project received funding from various local, county, and state agencies, including an infill infrastructure grant and L.A. Community Development Commission support. It also received Tax Credit Assistance Program funds, permanent financing from Bank of America Merrill Lynch, tax credit equity from National Equity Fund, Inc., and a grant from the Federal Home Loan Bank of San Francisco. —Christine Serlin
