SACRAMENTO, Calif.--(BUSINESS WIRE)--A collaboration between the California Housing Finance Agency, local and federal partners, nonprofit developer BRIDGE Housing Corporation and other contributors has resulted in a sparkling renovation of Ocean View Senior Apartments in the Bay Area community of Pacifica.
CalHFA, the state’s affordable housing lender, provided the project with a short-term acquisition/rehabilitation loan of more than $18 million, a 40-year permanent loan of $9.35 million and a nearly $2 million subordinate loan to finance the acquisition and renovation of the property. In addition to these financial considerations, which helped make the deal viable for the buyers and sellers, CalHFA helped move the project toward completion by working with the U.S. Department of Housing and Urban Development (HUD) to secure the waivers necessary to ensure that all current residents could maintain their occupancy.
In an area that struggles with high rents and significant demand for senior housing, CalHFA contributions extended the affordability of the existing 100-unit Ocean View Senior Apartments for another 55 years.
“Working in conjunction with our housing partners like BRIDGE, San Mateo County, the City of Pacifica and HUD, allowed us to maximize the resources available for this project,” said Tia Boatman Patterson, CalHFA Executive Director. “As a lender with a purpose, it is important to us to help provide senior residents with safe and comfortable housing with affordable rents for many more years to come.”
Ocean View Senior Apartments has provided affordable housing for seniors in Pacifica since 1973. In 2000, National Church Residences of Pacifica, CA purchased the property with financing from CalHFA, the City of Pacifica and the County of San Mateo, thus maintaining its affordability. Ocean View was purchased in October 2015 by an affiliate of BRIDGE Housing Corporation, which oversaw the renovations to modernize and update the property.
In addition to the CalHFA financing, the County of San Mateo restructured two existing loans and provided new rental subsidies for 31 of the units. BRIDGE Housing Corporation also accessed a low-income housing tax credit program to provide additional equity.
“Creative partnerships like this one will be vitally important as housing entities around the state try to find ways to create and preserve the affordable housing that so many people need,” Patterson said.
The Ocean View collaboration made it possible to make upgrades to residential units, replace aging building elements and switch to more efficient and better performing systems, as well as, provide enhanced on-site services, such as free nutrition programs, wellness classes and referral services, all of which ultimately serve to enhance the quality of life for the senior residents.
The California Housing Finance Agency was created in 1975 with the goal of helping more Californians find a place to call home. CalHFA's Multifamily Division has invested more than $4 billion for the construction and preservation of more than 60,000 affordable rental housing units to assist very low and low income Californians. CalHFA is a self-supported state agency that doesn't rely on taxpayer dollars. For more information on CalHFA programs, and how we are creating progressive financing solutions for affordable housing in California, visit www.calhfa.ca.gov or call toll free at 877.9.CalHFA (877.922.5432).