Irvine, Calif.–Jamboree Housing Corp.’s development of a 70-unit affordable housing community in Buena Park, Calif., takes a big step forward as the Buena Park City Council, in a unanimous vote, gives the $21 million public-private project the green light.
“Although California’s overall housing market continues to struggle, the affordable housing market is robust and demand continues to grow,” Laura Archuleta, president of Jamboree Housing, tells MHN.
With the address of 8850 La Palma Ave. in Orange County, Jamboree Housing’s new apartment community will sit about 25 miles southeast of Los Angeles. The four-story structure will sprout up in place of a commercial building that closed quite some time ago. In addition to the one- two- and three-bedroom residences, 8850 La Palma, designed by the architectural firm Newman Garrison + Partners, will feature a residents meeting room, a fitness facility and a tutoring center. And a green theme will be central to the property’s design. A green roof creating over 20,000 square feet of open space will top an interior parking area.
Jamboree Housing’s marketing efforts for 8850 La Palma will focus mostly on working families earning 30 percent to 60 percent of the county’s area median income. Mentally challenged individuals in need of affordable housing will also be targeted, as 11 of the residences are being reserved for this highly under-served population.
Negotiations for permanent financing for the development of 8850 La Palma are in the final stages. Jamboree Housing expects to garner much of the funding for the project via a 4 percent low income housing tax credit through the federal government; State of California HOME funding; California Housing & Community Development Multi Family Housing Program funds; and Orange County Mental Health Services Act funding. The City of Buena Park Redevelopment Agency, the public entity of the public-private development partnership, provided Jamboree Housing with the funds to acquire the land for the project from the City.
The apartment community at 8850 La Palma is just one of many ventures on Jamboree Housing’s plate. “Cities such as Buena Park are committed to providing adequate affordable housing for their residents and consequently our company has never been busier,” Archuleta says. “We currently have about $250 million worth of development in our project pipeline throughout the state and we have several new projects on our radar screen.”
Jamboree Housing is on track to commence construction of 8850 La Palma in 2010, and open its doors to residents in 2012.