Projects

Enterprise Community Loan Fund provided a $9.4 million loan to Preservation Partners Development (PPD) to preserve 90 units of affordable rental housing for low income seniors in Wilmington, CA. Banning Villa Apartments, originally built in the 1970s, currently receives Section 8 rental assistance and features a mixture of on-site amenities for its residents. All 90 units will remain affordable to residents earning up to 60% of area median income (AMI). In addition to preserving the affordability of Banning Villa, PPD will an conduct an extensive rehabilitation of the property, including installation of new fixtures and appliances, reroofing of the buildings and upgrades to the community center.

Century Housing Corporation provided a $12.3 million loan to Jamboree Housing to preserve 129 units of affordable rental housing at the Arbor Terrace Apartments in San Bernardino County, CA. The multifamily property is currently 100% occupied and all units are currently subject to an existing Housing Assistance Payments (HAP) contract. The financing will enable the borrower to assume the existing HAP contract and extend affordability of the units for 20 years. Originally built in 1966, Arbor Terrace Apartments consists of 25 two-story garden style buildings and includes a courtyard, central laundry, picnic area and playground. The property will undergo comprehensive renovations financed by 4% tax credits and tax-exempt bonds.

The Low Income Investment Fund provided $1.6 million in acquisition financing to Meta Housing Corporation for the purchase of a vacant lot that will ultimately house new, transit-oriented affordable housing. The new development, Civic Center 14, will consist of 39 new units of affordable housing available to residents earning between 30% to 60% of area median income (AMI) and 600 square feet of commercial retail space. Located in Oakland’s Central Business District, the mixed-use development will offer residents easy access to numerous community amenities, including grocery stores, pharmacies, a medical center, a community center, and a variety of restaurants and retail. The development will provide much needed affordable, high quality housing that is in strong demand in the in fast-growing downtown Oakland area and will focus on establishing a walkable, pedestrian-oriented neighborhood just a couple of blocks from mass transit.