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| Funded Projects |
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| Foss Creek |
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| Location: |
Healdsburg, CA |
Type:
| 64 units of new family housing |
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| Development Team: |
Eden Housing Corporation |
| Lending Team: |
Construction lender was Silicon Valley Bank, tax credit investor was US Bank. Additional financing provided by City of Healdsburg. CCRC provided an $800K permanent loan on this award winning project. |
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| Long Beach & Burnett Apartments |
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| Location: |
Long Beach, CA |
Type:
| 46 two- and three-bedroom housing units, 36 of which are available to moderate-, low- and very low-income households |
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| Development Team: |
Long Beach Housing Development Company, Meta Housing Corporation and Western Community Housing |
| Lending Team: |
The Long Beach Housing Development Company invested $9.9 million of redevelopment 20% Tax Increment Housing Set Aside funds for the project. The City of Long Beach also provided $9.3 million for the project. Red Stone Equity Partners acted as the tax credit investor. |
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| Andalucia Heights Apartments |
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| Location: |
Los Angeles, CA |
Type:
| Four one-bedroom, 48 two-bedroom, 20 three-bedroom and three four-bedroom units |
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| Development Team: |
AMCAL Multi-Housing, Inc. and Women Organizing Resources, Knowledge and Services (W.O.R.K.S.) |
| Lending Team: |
The $25-million development received an award of $13.3 million in low-income housing tax credits. CCRC contributed by approving a $2,680,000 commitment for a permanent loan. Other financing partners include JP Morgan Chase, Housing Authority of the County of Los Angeles, Hudson Housing Capital, California Tax Credit Allocation Committee, Los Angeles Housing Department, and State Housing and Community Development. |
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| Dolores McCoy Villa |
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| Location: |
Los Angeles, CA |
Type:
| 40 two-bedroom and 24 three-bedroom fully furnished apartments |
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| Development Team: |
Watts Labor Community Action Committee and Affordable Housing CDC, Inc. |
| Lending Team: |
CCRC was proud to be among the financing team for this project, which also included funds provided by both the City and County of Los Angeles, as did US Bank. Adding the apartment community’s $26 million development cost with its $16 million project-based valuation of the Section 8 contract, McCoy Villa is valued at an aggregate $42 million. |
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| Foss Creek |
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| Location: |
Healdsburg, CA |
Type:
| 64 units of new family housing |
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| Development Team: |
Eden Housing Corporation |
| Lending Team: |
Construction lender was Silicon Valley Bank, tax credit investor was US Bank. Additional financing provided by City of Healdsburg. CCRC provided an $800K permanent loan on this award winning project. |
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| Peninsula Station |
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| Location: |
San Mateo, CA |
Type:
| Mixed-use, transit-oriented family housing development with 68 rental units |
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| Development Team: |
MidPen Housing Corporation |
| Lending Team: |
CCRC is a proud member of the financing team for this project, along with the City and County of San Mateo, Wells Fargo Bank, Union Bank, HEART of San Mateo County, Enterprise Foundation, and the California Department of Housing and Community Development. |
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| Windsor Redwoods |
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| Location: |
Windsor, California |
Type:
| 65 one-, two- and three-bedroom apartments |
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| Development Team: |
Burbank Housing Development Corporation |
| Lending Team: |
CCRC was happy to help with this $25-million project by providing a $1.6-million permanent loan and a $1-million Section 8 loan. AEGON USA acted as the tax credit investor and posted $6.6 million in federal tax credit equity. Other financers include the Town of Windsor, Sonoma County, California Dept. of Housing, and others. |
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| CCRC in the News |
| Mary Kaiser Honored - On July 21, 2011, LINC Housing gave special thanks to CCRC and honored President Mary Kaiser for Housing Leadership at LINC Housing’s 18th Annual Tribute to Affordable Housing Leaders. Mary has been with CCRC since 1995 and continues to lead CCRC to new, exciting frontiers where affordable housing is needed the most. Congratulations, Mary! |
| San Savaine Property Receives Gold Nugget Award - In March of this year, CCRC attended the grand opening for San Sevaine Villas in Rancho Cucamonga, a 225-unit family apartment community that we helped finance. Now, the San Sevaine Villas has been awarded a 2011 PCBC Gold Nugget “Merit Award” for “Best Affordable Project under 30 du/acre”! We are so proud to be a part of such a special and important project, and congratulate everyone involved with the development. |
| Fannie Mae Funding - CCRC is consistently looking for new funding sources in order for us to continue to support such important affordable housing developments throughout California, and we recently closed on a very exciting new source: a Fannie Mae facility that will allow us to deliver 9% LIHTC product, preservation and some RDA loans into that new conduit.
CCRC is anxious to see where this new source takes us in 2011, and we look forward to securing more funding in the future. |
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