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Collage of photos from the Santa Angelina opening.

Santa Angelina: Innovative Collaboration for Affordable Senior Housing

November 7, 2024/in financing for developers, general, grand opening, seniors

Collage of photos from the Santa Angelina opening.

This year, Century Housing celebrated the grand opening of National CORE’s Santa Angelina community, which highlights innovative approaches to affordable housing. Developed on church property in Placentia in conjunction with the Episcopal Diocese of Los Angeles, Santa Angelina showcases how religious institutions can help address California’s housing needs.

While it predates Senate Bill 4, which streamlines the development of affordable housing on church-owned land, Santa Angelina serves as an example of what’s possible through such collaborations. It also harnesses diverse funding sources, including the California Housing Accelerator program, which allowed it to proceed without relying on traditional low-income housing tax credits.

The result: 64 affordable homes for low-income seniors, with 21 units reserved for those who have faced or are at risk of homelessness.

A Unique Development Story

Santa Angelina is a testament to the power of adaptability. “Working in collaboration with the Episcopal Diocese of Los Angeles and the Blessed Sacrament Episcopal Church, National CORE transformed infill land into 65 much-needed apartment homes for seniors,” shared Alexa Washburn, Chief Development Officer of National CORE. The community serves seniors earning less than 60% of the area median income, providing a safe and dignified space.

Santa Angelina’s success also highlights the value of the California Housing Accelerator. Receiving over $17 million, Santa Angelina was able to proceed without the delays often associated with low-income housing tax credits, bringing critical housing to Placentia more quickly.

Century Housing’s Role

Century Housing provided crucial permanent financing for Santa Angelina. “Century played a pivotal role by providing essential financing support,” noted Alexa. “Through their permanent loan programs, Century enabled the development and construction of the housing units, ensuring the community could proceed without delays.”

Josh Hamilton, Senior Vice President of Lending at Century Housing, reflected on the partnership: “We’re thrilled to support National CORE in delivering much-needed affordable housing through Santa Angelina. Our longstanding relationship with National CORE has allowed us to work together on projects that truly make a difference in the lives of residents who need it most, and we’re proud to provide the financing that made this community a reality.”

Transforming Lives

The impact of Santa Angelina is seen in residents’ stories like Maggie’s. After years of caring for her son with a disability, Maggie (pictured above, left) found herself living in a hotel, isolated and struggling. “One day, my son told me that I needed to get out of that hotel because it was in a bad neighborhood, and he was worried about me,” she shared. Thanks to Santa Angelina, she found stability, community, and a safe place to call home.

“Moving to Santa Angelina has been amazing,” Maggie continued. “The residents are all wonderful and welcoming… I no longer feel isolated. Most importantly, the rent is affordable. It is a huge weight off my shoulders to have stable housing.”

Looking Ahead

Santa Angelina serves as a model for future developments under Senate Bill 4 and demonstrates what can be achieved through creative collaborations and targeted funding. Century Housing remains committed to working with partners like National CORE to expand affordable housing across California, helping individuals and communities thrive.

Interested in working with Century? Learn about our loan products for developers creating affordable and workforce housing. Fill out our contact form to connect with our financing team.

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https://century.org/wp-content/uploads/National-CORE-Santa-Angelina-blog.jpg 500 1500 bmalecki https://century.org/wp-content/uploads/Century-logo-1.png bmalecki2024-11-07 09:44:152024-11-07 18:26:20Santa Angelina: Innovative Collaboration for Affordable Senior Housing

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