Alliant Capital Closes Investment in California Affordable Projects

The new communities in Contra Costa and Santa Rosa counties are targeting Northern California’s acute affordable housing shortage.
Rendering of Kawana Springs. Image courtesy of Alliant Capital

Alliant Capital, a leading tax credit (LIHTC) firm, has closed its investment in Kawana Springs and The Atchison, two new developments comprising a total of more than 350 affordable apartments situated in Santa Rosa and Contra Costa Counties, respectively.

“Alliant has partnered with the development team of Corporation for Better Housing and Integrated Community Development on 49 previous affordable housing developments in California,” Jen Erixon, senior vice president of origination, told Multi-Housing News.

“These two new investments particularly interested Alliant because of the crushing need for affordable housing in the Northern California market, where properties with affordable rents are full with lengthy wait lists. Furthermore, Alliant was very interested in the net-zero energy design, where PV solar panel systems combine with state-of-the-art thermal energy storage systems so that the need to connect to the energy grid system is limited.”

Kawana Springs

Kawana Springs is a new construction development of approximately 150 multifamily affordable housing units in Santa Rosa, Calif.

The community will serve families earning less than 60 percent of Area Median Income (AMI). An all-electric, net-zero community, Kawana Springs is designed to achieve LEED Platinum status.

It will feature a PV solar panel system and a thermal energy storage system, and will connect to the electrical grid only when needed. The community will also take part in the Department of Energy (DOE) WaterSense program to reduce overall water consumption by incorporating water-saving features and water-conscious landscape. 

Residents will benefit from support services that include adult education programs, health and wellness, skills-building classes, financial literacy and computer training.

The Atchison

Featuring 202 new-construction LIHTC units, The Atchison is situated in Pittsburg, Calif. The construction timeline will span a 22-month period, concluding in October 2022. The development will feature 20 efficiency units, 122 one-bedroom-one-bath units, and 60 two-bedroom-one-bath units.

One hundred units will be reserved for families at or below 50 percent of AMI. Another 100 units will be reserved for those at or below 70 percent of AMI. Two weeks ago, Alliant was also a key investor in a Sacramento affordable community.