Ramona Senior Apartments (pictured above): Chelsea Investment Corporation received acquisition and predevelopment financing to develop 62 new homes for low-income seniors, 20 of which will target seniors transitioning from homelessness. The development was awarded with 9% LIHTC financing as well as AHP and HOME funds and will feature a mix of 50 one-bedroom and 11 two-bedroom units with an affordability of 30%-50% of AMI, supported by Project Based Vouchers. Ramona Senior Apartments is part of San Diego’s county-wide Live Well San Diego initiative which aims to ensure that low-income residents have access to suitable living environments. The development will integrate extensive health and wellness services, which will be provided by a supportive housing manager, a service coordinator, a registered nurse, and an activity coordinator. The development will add vital new housing to Ramona’s affordable housing stock, which currently has properties with waiting lists of up to three years.
Grace and Laughter: Highland Property Development received an acquisition loan to purchase Grace and Laughter Apartments and preserve affordability for its 40 units. The property serves seniors age 62 and over and is located in Dinuba, CA. Highland’s plans for the property include a significant rehab scope and anticipates assistance from tax credits. The property has affordability levels ranging from 30 to 60% of AMI, and was constructed in 1974. Century is pleased to assist Highland in adding to its existing portfolio of properties in Dinuba and help it revitalize a community asset with a needed building rehabilitation.
Sun King Apartments: Century’s acquisition loan helped developer Many Mansions secure a Sun Valley site for the development of 26 homes designated for formerly homeless families. The project was financed through a combination of a 4% LIHTC award with tax-exempt bonds, HOME funds, HHH, and AHP. The project will consist of 8 studio, 11 one-bedroom, and 7 two-bedroom apartments with an average affordability of 42% of AMI.
Square Apartments: Construction financing will help a San Fernando Valley developer create nine workforce homes. The Panorama City project is located in a low-income neighborhood within three blocks of a middle school and high school, near a large shopping center, and a short drive away from two major freeways.