Supporting the long-term affordability for 100-units of Senior Housing
SACRAMENTO, Calif.–(BUSINESS WIRE)–The planned renovation of Ocean View Senior Apartments in the coastal
community of Pacifica is made possible in part through the extensive
efforts of the California Housing Finance Agency, the State’s affordable
housing bank. CalHFA’s involvement in the complex transaction included
bond financing of over $18 million, a subordinate gap loan of nearly $2
million, as well as other financial considerations helping the buyers
and sellers make the deal financially viable and working with federal
regulators to secure necessary waivers for affordability.
Since 1973, Ocean View Senior Apartments has provided affordable housing
for seniors in Pacifica. In 2000, National Church Residences purchased
the property with financing from CalHFA, the City of Pacifica and the
County of San Mateo, thus maintaining its’ affordability. The property
was purchased in October 2015 by BRIDGE Housing, a California-based
nonprofit developer, who will oversee renovations and manage the
CalHFA offered flexible financing solutions while ensuring long-term
affordability for residents. CalHFA provided the project with an
18-month acquisition/rehabilitation loan over $18 million, a 40-year
permanent loan of $9.35 million and a $1.96 million subordinate loan to
finance the acquisition and renovation of the property. Additionally,
CalHFA worked with the US Department of Housing and Urban Development to
secure waivers necessary to obtain rental assistance and ensure that all
current residents could maintain their occupancy.
“CalHFA is a lender with a purpose and forty years of lending
experience,” said Tia Boatman Patterson CalHFA Executive Director. “We
were able to play an important role in this project by working with our
housing partners to facilitate collabortive solutions and maximize the
available resources. For the senior residents, this means that they will
be able to stay in their homes with rents they can afford.”
BRIDGE Housing, which creates, owns and manages a variety of affordable
homes for families and seniors, will begin renovations to modernize and
update the 100-unit 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 also accessed
low-income housing tax-credit program to provide additional equity.
“We couldn’t be prouder to be a part of this project and are excited to
work with BRIDGE Housing to see this property fully modernized for the
benefit of its senior residents,” said Patterson.
The renovations will include switching to more efficient and better
performing systems, upgrades to residential units and replacement of
aging building elements, ultimately enhancing residents’ quality of life.
The recapitalization also provides funding to enhance on-site services.
Residents will have access to free programs such as nutrition and
wellness classes and referral services.
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 $3 billion for the
construction and preservation of more than 44,000 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 Multifamily loan finance programs and the full
complement of CalHFA programs, visit www.calhfa.ca.gov or
call toll free 877.9.CalHFA (877.922.5432).