LA Affordable Senior Housing to Go Double
The community's revamp also includes renovating existing apartments.
Hunt Capital Partners, Alliance Property Group and Community Bible Community Development Corp. have closed on a more than $50M tax equity package backing the expansion and rehabilitation of affordable housing property Valley Pride Village.
The financing comprises $37 million federal Low-Income Housing Tax Credits and $15.1 million in state LIHTC financing. Construction on the San Fernando Valley affordable housing property’s expansion is underway.
The community, which has housed seniors since 1971 and is located in Los Angeles’ Sylmar neighborhood, will preserve its 88 existing homes and introduce 92 new housing options for seniors.
Valley Pride Village will offer a mix of studio and one- and two-bedroom units for seniors who earn up to 30 to 80 percent AMI. The existing buildings within the community will undergo extensive renovations, including upgrades to cabinetry, countertops, faucets and heating systems, as well as the installation of LED lighting and appliances such as refrigerators and ranges.
The project includes new roofing, windows, paint and an improved clubhouse with a new handicap-accessible restroom. Valley Pride Village’s rehabilitation and expansion will help alleviate the urgent need for affordable housing. Los Angeles’s senior population is projected to increase by 24 percent, surpassing 1 million by 2030. The project qualified for a density bonus under the Los Angeles’ Executive Directive 1, the city’s latest attempt to advance affordable housing.
LA’s affordable efforts
Institutional investors are seeking to increase the social value of their investments to further their ESG initiatives, Hunt Capital Partners said in a statement. The latest mixed-income, multifamily development in Hunt Capital Partners’ Stop Six Choice Neighborhood Initiative broke ground in Greater Tarrant County, Texas.
Babers Manor is part of the landmark Stop Six Choice Neighborhood effort launched in 2020, when the U.S. Department of Housing and Urban Development awarded FWHS and the City of Fort Worth a $35 million Choice Neighborhood Implementation Grant.
Earlier this summer, a joint venture of Chelsea Investment Corp., the Richman Group and Weingart Center Association debuted Weingart Tower 1, the largest homeless housing project in Los Angeles’ history.
