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Construction Starts on 208-Unit Affordable Housing Complex in Oakley, Calif.
Published: August 24, 2007
By Kelly Sheehan, Online News Editor
Oakley, Calif.—Simpson Housing Solutions LLC (SHS) has announced the construction of Oakley Apartments, an affordable housing complex in Oakley, Calif. The complex will be home to a mix of families and senior citizens.
SHS is acting as the tax credit investor on the project, which is being developed by the Corp. for Better Housing. The total development cost of the project is $45.7 million. Financing includes an allocation of Low Income Housing Tax Credits (LIHTC), local redevelopment agency funds, a grant from the Affordable Housing Program of the Federal Home Loan Bank of San Francisco, and construction financing arranged through Citibank.
The project represents the first of three phases. Ultimately, the development will include for-sale townhouses.
Located at 59 Carol Lane, Oakley Apartments will offer 208 one-, two- and three-bedroom apartments ranging from 551 to 819 square feet. All apartments will be set aside for households earning from 50 to 60 percent of the area median income for Contra Costa County, as published by the U.S. Department of Housing and Urban Development (HUD). Monthly rents will range from $748 to $1,265.
“The Oakley-Antioch area, like virtually every city in California and elsewhere, struggles with a shortage of decent, high-quality housing that is affordable for working families as well as seniors on limited or fixed incomes,” says Michael Costa, president of SHS. “This innovative apartment community will address both needs at the same location.”
Units will include central heating and air conditioning, walk-in closets, smoke alarms, patios or balconies, and wall-to-wall carpeting.
Amenities at Oakley Apartments will include a multipurpose clubhouse with community room, computer and business centers with Internet access, barbeque areas and laundry facilities. The site is located near childcare services, retail and the area’s public library.
