HomeMy WebLinkAbout2020-01-17; Housing Commission; ; APPROVAL OF $4,043,392 IN ADDITIONAL FINANCIAL ASSISTANCE TO AFFIRMED HOUSING TO CONSTRUCT FIFTY RESTRICTED AFFORDABLE APARTMENT UNITS AT 3606-3618 AND 3630 HARDING ST AND 965-967 OAK AVEHOUSING COMMISSION
M eeting Date:
To:
From:
Staff Contact:
Subject:
January 17, 2020
Housing Commission
David de Cordova, Principal Planner
David de Cordova, Principal Planner
david.decordova@carlsbadca.gov, 760-434-2935
Recommendation to City Council approval of $4,043,392 in additional
financial assistance to Affirmed Housing to construct fifty affordable
apartment units restricted for homeless and lower income veteran families,
as well as people experiencing homelessness with Severe Mental Illness
{SMI), on property at 3606-3618 and 3630 Harding Street and 965-967 Oak
Avenue
Recommended Action
Adopt a resolution to recommend that the City Council approve $4,043,392 in additional
financial assistance to Affirmed Housing for construction of fifty {SO) affordable apartment
units for homeless and lower income veterans and their families, and for homeless people
with SMI, on two noncontiguous sites located at 3606-3618 and 3630 Harding Street and
965-967 Oak Avenue in the northwest quadrant of the City of Carlsbad.
Executive Summary
Affirmed Housing has submitted a request to the City of Carlsbad for additional financial
assistance of $4,043,392 for the construction of 50 apartments for very low and extremely
low-income homeless veterans and veteran families and people experiencing
homelessness with SMI {Exhibit 2). The City Council previously approved $4,250,000 in
financial assistance to the project {Resolution No. 2017-030; February 14, 2017) in the form
of a 55-year residual receipts loan with simple interest of 3% annually. Combined with this
additional request, the city's financial assistance would total $8,293,392, or $165,868 per
unit.
The developer has secured $10,140,000 of No Place Like Home {NPLH) funds through the
County of San Diego in the form of a zero interest loan. The developer has also requested
funding through the California Low Income Housing Tax Credit Program to finance the
proposed development, which has an estimated total cost of $33,147,916.
Discussion
On January 18, 2017, the Planning Commission unanimously approved a SO-unit affordable
apartment development, now known as Windsor Pointe, that will consist of development on
two noncontiguous properties (3606-3618 and 3630 Harding Street and 965-967 Oak Avenue)
within the Barrio Carlsbad neighborhood in the city's northwest quadrant. The Harding Street
development will consist of 26 studio, one, two and three-bedroom rental units. These rental
units will be available to veteran households at very low and extremely low incomes. Twelve of
the units will provide permanent supportive housing for people experiencing homelessness
with SMI. The Oak Street development will consist of 24 studio, one and two-bedroom rental
units. These rental units will be available to veteran households at very low and extremely low
incomes as well. As with the Harding Street development, 12 of the units will provide
permanent supportive housing for people experiencing homelessness with SMI.
All residents at Windsor Pointe will have access to dedicated on-site services, including services
intended to improve housing retention, health, education and employment/career
opportunities. Further, residents in the NPLH units will receive intensive mental health services
through the County of San Diego. Dedicated case managers will work with the residents on an
individual case plan, offer assistance in applying for benefits and provide linkages to other
community services. Affirmed Housing has partnered with the County of San Diego to be the
service provider.
Affirmed Housing will develop, own and operate Windsor Pointe. Affirmed Housing is
experienced and has recognized expertise in developing high quality affordable apartment
communities throughout the state and within San Diego County, including the Cassia Heights
Apartments in Carlsbad (Exhibit 3). Affirmed Housing also owns and operates affordable
housing developments in other areas of San Diego and Los Angeles counties, as well as the San
Francisco Bay Area. Affirmed Housing has a history of building top quality housing
developments and operating/managing them in an outstanding manner. The developer has also
developed, owns and manages other affordable homes for special needs populations, such as
homeless and lower income veterans.
In considering any financial assistance request for an affordable housing development, staff and
the Housing Commission reviewed several factors. The analysis of the developer request is
discussed below.
Affirmed Housing provided for the city's review a development proforma (Exhibit 2), which
coincides with Affirmed Housing's November 2019 federal four percent and state low income
housing tax credit application (4% tax credits). Should the 4% tax credits application be
unsuccessful, Affirmed Housing has stated their intent to apply for the 9% tax credits when
offered in March 2020. While the amount of tax credits requested under the 9% program may
vary from the current application, the amount of assistance requested of the city would be the
same. As of January 9, 2019, the California Tax Credit Allocation Committee (CTCAC) staff have
made a preliminary recommendation to place the Windsor Pointe project on a waiting list for
funding, pending the completion of application scoring by the California Debt Limit Allocation
Committee (CDLAC). Once the CDLAC results are reported to CTCAC, final funding
recommendations will be made. Therefore, the 4% tax credits proforma forms the basis of the
following analysis.
Cost Reasonableness
Since development costs are one of the key variables determining the need for subsidies, it is
important that those costs be reasonable. At approximately $33.1 million in total development
costs (including land), the average per unit development cost of approximately $663,000 is, in
fact, high as compared to other city-assisted developments. There are a number of reasons for
this. First, is land cost. Because there is no master developer to underwrite the project to satisfy
an inclusionary housing requirement, the properties were purchased at market value,
representing approximately 13% of total project costs. However, the cost is reasonable
considering the continuing high cost of land in Carlsbad, especially in the northwest quadrant of
the city.
Second, cocistruction costs are increasing. For example, the Terner Center reports that,
between 2011 and 2016, construction costs in the Los Angeles area rose 13.6%, compared to
11.8% nationwide.1 Regulations, market dynamics and construction efficiency are cited as the
three major influencers of construction costs. The residential construction labor force
contracted sharply during the Great Recession and is still recovering. Construction materials
costs increased 4.8% overall in the past year. In addition, the Windsor Pointe project will pay
prevailing wages for construction labor.
Third, development design affects the project's cost. This development is intended to be
constructed specifically to provide affordable housing for very low and extremely low-income
households as well as a special needs population -veteran families and chronic homeless with
SMI which require specialized case management to successfully maintain housing. The project
will include a concrete podium to accommodate ground floor parking, with wood framing
construction on the second and third floors. The project will also provide ample community
space, accessible and adaptable ADA standards, and higher energy efficiency (GreenPoint
certified) than a typical apartment building.
Fourth, some of the existing rental units on the project sites are occupied. Relocation assistance
is required by state and federal regulations due to the .use of public·funds. As a project funder,
the city will ensure that relocation assistance is carried out in conformance with applicable
regulations and the City of Carlsbad Relocation Plan. Relocation assistance expenses of up to
$331,000 are included in the project proforma.
The per unit cost of this project, although high, is within the range of similar projects recently
constructed by Affirmed Housing. For example, special needs apart.ments under construction or
completed since 2017 have ranged between approximately $525,000 and $673,000 per unit
(Exhibit 3). A recent report from the City of Los Angeles city auditor estimated the median per
unit cost for pe~mane_nt supportive housing in that city at more than $530,000.2
1 Terner Center for Housing Innovation. https://ternercenter.berkeley.edu/construction-costs
2 As reported by CalMatters, 12/31/19. https://calmatters.org/explainers/californias-homelessness-crisis-
explained/
The projectec;l costs are reasonable for the very low and extremely low-income households and
the special needs housing; the lower income affordability and the service-enriched
development exceed the typical benefit of affordable housing developments in Carlsbad, but
also increases the per unit cost warranting additional subsidy from the city. In Carlsbad's
Housing Element, "special needs housing" includes seniors, persons with disabilities, large
households, single-parent families, homeless, farmworkers, students and military personnel; it
is not simply considered housing for the disabled. These populations have special needs for
affordable housing for a variety of reasons.
Since the development will have no master developer to provide the land at no co st and/or for
additional equity, additional funds are being requested from the city to provide the remainder
of the full financing. The current request for $4,043,392, when combined with the previous
$4,250,000 commitment, would provide a total city financial contribution of $8,293,392. This
would be the largest contribution of local affordable housing funds to a single project to date.3
On a per unit basis, the $165,868 subsidy would be near the upper end of the range for city-
assisted affordable housing projects. The city subsidy would represent about 25% of the total
funding required for the development, which is at the high end of the range compared to other
city-assist ed projects. However, for reasons discusse d below, the relatively large financial
request is reasonable in light of the relatively large public benefit that will result from the
project.
Undue Gain
It is important that any financial assistance from the city have the effect of making the units
more affordable and not creating undue gain for any party. If funded under the 4% tax credits
program, Affirmed Housing would be eligible to earn a developer fee of $2,500,000. However,
to reduce the financing gap, Affirmed Housing has committed to contribute $500,000 of the
developer fee back to the project. The net fee would be 6% of total project costs (including
land), which is consistent with the city's policies and is reasonable considering the complexity of
the development/construction, financing and the long-term ownership and management of
specia l needs housing. A capitalized reserve fund of $5,679,000 as an operating subsidy is
included in the development proforma. This capitalized reserve, $4,875,000 of which will be
funded by the NPLH program, is necessary for operations which could not be otherwise
supported given the deeply targeted extremely low-income units within the development.
Given the complex nature of this type of project, as well as the contribution of a portion of the
earn ed developer fee back to the project4, the city's financial assistance would not create an
undue financial gain.
Public Benefit
Another consideration in evaluating the merit of the financial assistance request is the level of
public benefit that will accrue. This ca n be examined in a number of ways: 1) the leveraging
3 The largest financial contribution made by the city to date took place in 2013, a $7.4 million residual receipts loan
to acquire 44 existing duplex units in the Barrio and redevelop the property into a larger multi-family project.
4 This assumes the developer receives 4% tax credit funding. The fee that could be earned would be less under the
9% t ax credit program, and so would overall project costs. The city's total fina ncial commitment would not change.
effect on other sources of public and private equity; 2) the housing need being served; and 3}
synergies with other city policies and priorities.
1.) In addition to this funding request of $4,043,392, Affirmed Housing proposes to finance the
project from a variety of sources, including proposed state and federal tax credit equity
{$14,214,524} together with awarded County of San Diego NPLH funds ($10,140,000} and the
previous city loan commitment {$4,250,000}. Thus, every dollar of city assistance will leverage
three dollars in capital from outside sources. In addition, the County of San Diego has
committed to providing case management and mental health services to the NPLH residents at
the Windsor Pointe project.
It is important to note that Affirmed Housing has attempted to secure funding from other
sources prior to making this supplemental request of the city. As stated in their December 20,
2019 request letter (Exhibit 2), Affirmed Housing made two unsuccessful attempts {February
2017 and July 2018} to secure competitive Veterans Housing and Homelessness Prevention
(VHHP) Program funds from the California Department of Housing and Community
Development {HCD} and one unsuccessful attempt to secure funding from the County of San
Diego Innovative Housing Trust Fund {March 2018).
2.) The project will provide housing and supportive services to some of the most vulnerable
me_mbers of our community, namely, very low and extremely low-income homeless veterans
and veteran families, and people experiencing homelessness with SMI. Rents will be
restricted to households at 25% to 50% of the San Diego County Area Median Income, which
are in the extremely low to very low-income categories. These rent levels are necessary to
serve the intended lower income special needs populations. According to the 2018 City of
Carlsbad Annual Housing Element Progress Report, only 42 of the 912 units needed to satisfy
Carlsbad's share of regional very low (and extremely low) income housing needs have been
built since 2013. Furthermore, Carlsbad will need to plan to accommodate at least 1,311 very
low-income housing units for the upcoming 2021-29 Housing Element cycle.
According to the 2019 regional Point-in-Time homeless count, there are 161 homeless
individuals living in Carlsbad, 102 of whom are unsheltered. In 2018-19, twenty-seven percent
of the 1,142 homeless men, women and children that were served in north San Diego county
shelters suffer from mental health problems.
3.) The proposed project meets a critical housing need as identified in the city's Housing
Element. In addition to helping meet the regional housing share discussed above, Housing
Element Programs 3.13 and 3.14 describe actions the city will take to provide housing and
supportive services to homeless and special needs populations. Similarly, the city's
Consolidated Plan establishes high priority uses of housing funds, including increasing the
supply of affordable housing units and providing supportive services for the homeless, lower-
income residents and persons with special needs.
In October 2017, the City Council approved the Homeless Response Plan {HRP), which is
intended to: 1) prevent, reduce and manage homelessness in Carlsbad; 2) support and build
capacity within the city and community to address homelessness; 3) encourage collaboration
within the city, community partnerships and residents; and 4) retain, protect, and increase the
supply of housing. The HRP is being implemented under the leadership of the city's Police
Department in coordination with Housing Services and other city departments. Progress of the
HRP is monitored by the Housing Commission and City Council.
An ad hoc subcommittee of the Carlsbad City Council has been working with elected officials
from other north county cities, the County of San Diego, regional service providers, transit
agencies, local community colleges and university, and state legislative representatives to
develop an action plan to address homelessness in the north county region. The group has
established a goal to reduce unsheltered homelessness 50 percent by January 2022 by, among
other things, increasing both short-term and long-term housing options for people experiencing
homelessness.
Based on the above, the city's financial assistance to this project will provide substantial public
benefit by leveraging additional capital resources, provide needed extremely low and very-low
income housing, and address the special needs of homeless veterans and their families and
homeless persons with SMI.
Form of Assistance
Staff r~commends that $4,043,392 in financial assistance from the city's affordable housing
funds be provided to the Windsor Pointe project, which is in addition to the February 2017
commitment of $4,250,000 in the form of a residual receipts loan5• However, rather than
providing the entire subsidy in the form of a loan, staff recommends that the city enter into
negotiations with Affirmed Housing (dba Carlsbad Veteran Housing, LP.) to purchase the
property at an agreed-upon price up to its market value and lease back the land for a nominal
amount, such as $1 per year. The balance of the financial assistance would be in the form of a
residual receipts loan secured by a note and deed of trust. The loan will begin accruing interest
after the completion of construction of the improvements. The outstanding principal and
accrued interest on the city loan will be amortized over 55 years and repaid from surplus cash
(the amount of money left over, if any, after expenses are covered by income and operating
reserves) in equal annual installments of principal and interest. In the event that there is not
adequate surplus to repay the city loan, the outstanding balance shall accrue with simple
interest at 3% per annum. The loan becomes due in full (with interest) at the end of the 55-year
term.
5 The Housing Commission recommended approval of the assistance request on July 16, 2016 {Resolution No.
2016-003).
Summary of uses and sources_ of funds
The developer's detailed proforma is included in Exhibit 3. Below is a summary of the proforma:
SUMMARY PROFORMA
USES OF FUNDS
TOTAL PER UNIT
Land Payment/Costs $4,245,791 $84,916
Direct Construction 15,046,752 300,935
Capitalized Reserves 5,679,000 113,580
Architecture/Engineering 950,000 19,000
Impact Fees and Permits 962,000 19,240
Other indirect/Soft Costs (including $2.5 6,264,373 125,287
million developer fee)
TOTAL USES $33,147,916 $662,958
PERMANENT SOURCES OF FUNDS
TOTAL PER UNIT
Tax Credit Equity (State) $5,132,628 $102,652
Tax Credit Equity (Federal) 9,081,896 181,638
NPLH Capital 5,265,000 105,300
NPLH Capital Operating Subsidy Reserve 4,875,000 97,500
Committed City Contribution 4,250,000 85,000
Additional City Contribution 4,043,392 80,868
Contribution of Developer Fee Earned 500,000 10,000
TOTAL SOURCES $33,147,916 $662,958
Security
The developer will be required to provide completion bonds to the city to ensure that
construction is completed.
Risk
In its role as a lender to the project, the city is exposed to three risks inherent to real estate
development. These risks generally include 1) predevelopment (project does not get to
construction); 2) construction (project cannot be completed, cost overruns, contractor
problems); and 3) operation (revenues do not cover expenses). Adding to this risk, any city
financial assistance will be subordinated to conventional and other financing as may be
necessary to ensure project financing success.
Several factors mitigate the identified risks. First, the development team has a strong track
record with similar affordable housing projects both inside and outside the City of Carlsbad. The
presence of other major financial commitments, such as the County of San Diego commitment
of NPLH funding, mental health and supportive services, and tax credit investment is also key as
this means that other stakeholders depend on the success of the project both short and long
term. Finally, the position of city and other subordinated financing is a feature that helps attract
the necessary private, state and federal financing.
To further mitigate risk to the city's financial contribution, staff is seeking authority from the
City Council to negotiate purchase of the land for the project and lease back the land to
Affirmed Housing (dba Carlsbad Veteran Housing, L.P.). Additionally, the balance of the
assistance will take the form of a residual receipts loan, secured by a leasehold deed of trust,
and other appropriate security interests in the project improvements. Additionally, staff
recommends that the city's financial commitment (both the previous commitment and any new
commitment) be maintained for only as long as the County of San Diego's NPLH commitment;
that is, 24 months from August 16, 2019, or three tax credit funding rounds, whichever occurs
earlier. This way, the committed funds could be released and made available to other projects
in the city in the event the Windsor Pointe project is ultimately unsuccessful in securing al l
other funding.
Fiscal Analysis
Staff is recommending approval of $4,043,392 in additional financial assistance to Affirmed
Housing for the Windsor Pointe housing developments on Oak Avenue and Harding Street
within the City of Carlsbad. This amount is in addition to the $4,250,000 in assist ance approved
by the City Council in February 2017. The land purchase and supplemental loan financing
proceeds will come from the city's affordable housing funds (Affordable Housing Trust Fund and
Successor Agency Housing Trust Fund), which may only be used for funding affordable housing
programs and developments for lower income households. The city's affordable housing funds
have an available balance of $21. 7 million prior to making any financial contributions to the
Windsor Pointe housing developments.
CDBG funds, to the extent they are available during the project's development timeline, may be
used to assist with the land purchase, thereby reducing the impact on the city's affordable
housing funds.
Next Steps
This item is scheduled for City Council consideration at their January 28, 2020 meeting. The
Housing Commission recommendation will be incorporated into the staff report along with the
analysis of the financial assistance request. If the request is approved by the City Council, staff
will begin negotiations with Affirmed Housing and execute all appropriate documents necessary
to provide the financial assistance.
Environmental Evaluation (CEQA)
The development belongs to a class of projects that the State Secretary for Resources has found
do not have a significant impact on the environment and is, therefore, exempt from the
requirement for the preparation of environmental documents pursuant to Section 15194
(Affordable Housing) of the State CEQA Guidelines.
If the city provides CDBG funding towards the land purchase, environmental review pursuant to
the National Environmental Policy Act (NEPA) will be completed in accordance with federal
regulations.
Public Notification
This item was noticed in accordance with the Ralph M. Brown Act and was available for public
viewing and review at least 72 hours prior to the scheduled meeting date.
Exhibits
1. Housing Commission resolution
2. Financial Assistance Request, including development proforma, from Affirmed Housing
3. Affirmed Housing company profile and representative projects
RESOLUTION NO. 2020-001
A RESOLUTION OF THE HOUSING COMMISSION OF THE CITY OF CARLSBAD,
CALIFORNIA, RECOMMENDING THAT THE CITY COUNCIL APPROVE
$4,043,392 IN ADDITIONAL FINANCIAL ASSISTANCE TO AFFIRMED HOUSING
(DBA CARLSBAD VETERAN HOUSING, LP.) TO CONSTRUCT FIFTY (50)
AFFORDABLE APARTMENT UNITS RESTRICTED FOR HOMELESS AND LOWER
INCOME . VETERAN FAMILIES, AS WELL AS PEOPLE EXPERIENCING
HOMELESSNESS WITH SEVERE MENTAL ILLNESS, ON PROPERTY AT 3606-
3618 AND 3630 HARDING STREET AND 965-967 OAK AVENUE
EXHIBIT 1
WHEREAS, Affirmed Housing has proposed to construct 50 apartment homes to be affordable
for very low and extremely low-income homeless veterans and veteran families, and people
experiencing homelessness with severe mental illness (SMI), on two noncontiguous sites located at
3606-3618 and 3630 Harding Street and 965-967 Oak Avenue in the city's northwest ql:ladrant, and has
requested financial assistance from the City of Carlsbad to assist in the financing of said affordable
housing project; and
WHEREAS, the first request for financial assistance was submitted to the City of Carlsbad's
Housing Commission for review and consideration at their public meeting on July 14, 2016, on which
date said Commission recommended that the City Council approve the requested financial assistance
in the amount of $4,250,000; and
WHEREAS, the Planning Commission approved said affordable housing development, now
known as Windsor Pointe Apartments, on Jan. 18, 2017; and
WHEREAS, at a public meeting on Feb. 14, 2017, the City Council reviewed the financial
assistance request and after considering staff and Housing Commission recommendations, and all
testimony of all persons desiring to be heard, approved the financial cash assistance in the amount of
$4,250,000 from Carlsbad's Housing Trust Fund (City Council Resolution No. 2017-030); and
WHEREAS, subsequent to the project and c.ity financial assistance approvals, Affirmed Housing
has diligently pursued financing from other sources, which have been partly successful to date,
including the commitment of funding from the County of San Diego; and
WHEREAS, despite the additional funding secured and anticipated, due to high construction
costs and the complexities of creating financially feasible supportive housing, there remains a funding
gap for the Windsor Pointe Apartments; and
WHEREAS, in a letter dated Dec. 20, 2019, Affirmed Housing made a second request to the City
of Carlsbad for additional financial assistance in the amount of $4,043,392 to close the funding gap;
and
WHEREAS, the Housing Commission held a special meeting on Jan. 17, 2020 to consider the
financial assistance request, staff evaluation and recommendation, and the testimony of all persons
desiring to be heard on the matter.
NOW, THEREFORE, BE IT RESOLVED by the Housing Commission of the City of Carlsbad,
California, as follows:
1. That the above recitations are true and correct.
2. That the request for financial assistance from Affirmed Housing is consistent with the
goals and objectives and programs of the City of Carlsbad's Housing Element,
Consolidated Plan, and other priority policy initiatives such as the Homeless Response
Plan.
3. That the request for financial assistance will assist the affordable housing developer in
constructing a total of 50, studio, one, two and three-bedroom affordable apartment
units for homeless veterans and lower income veteran families, as well as people
experiencing SMI, on two noncontiguous sites located at 3606-3618 and 3630 Harding
Street and 965-967 Oak Avenue in the city's northwest quadrant. The apartment units
will be affordable to households ranging from 25% to 50% of area median income for
San Diego County. The project, therefore, can effectively serve the city's housing needs
and priorities as expressed in the General Plan Housing Element and the Consolidated
Plan, and to meet the housing and service needs of the special needs population of
homeless military veterans and lower income military veterans and their families, as
well as people experiencing homelessness with SMI.
4. That, based on information provided in the Housing Commission staff report and
considering testimony of all persons desiring to be heard at the Jan. 17, 2020 public
meeting, the Housing Commission hereby recommends that the City Council approve
$4,043,392 in additional financial assistance to Affirmed Housing (dba Carlsbad Veteran
Housing, LP.) from the city's affordable housing funds for the construction of fifty (SO)
affordable apartment units on two noncontiguous sites located at 3606-3618 and 3630
Harding Street and 965-967 Oak Avenue in the city's northwest quadrant, for homeless
military veterans and lower income military veterans and their families, including
homeless veterans, as well as people experiencing homelessness with SMI. This
recommendation is subject to the following:
a. This additional assistance shall be combined with the $4,250,000 previously
approved on Feb. 14, 2017 for a total financial assistance amount of $8,293,392. The
assistance shall be provided as a combination of property acquisition by the City of
Carlsbad and lease-back of the Windsor Pointe Apartments sites to Affirmed Housing
(dba Carlsbad Veteran Housing, LP.), and a residual receipts loan. The source of
funds shall be the city's affordable housing trust funds.
b. Community Development Block Grant {CDBG) funds, to the extent they are available
within the project development timeline, may be used towards the property
acquisition, with a corresponding reduction to affordable housing trust funds
assistance.
c. This financial commitment is conditional and contingent upon Affirmed Housing
receiving all necessary third-party funding commitments, including tax credits, and
successful negotiation of all required property transfers, loan documents and legal
instruments to effectuate the transaction and implement development. The city's
commitment of funds, including the previous commitment approved on Jan. 17,
2017, shall be maintained until Aug. 16, 2021, or three tax credit funding rounds,
whichever occurs earlier, but may be wit~drawn at any time if satisfactory progress
is not demonstrated.
PASSED, APPROVED AND ADOPTED at a Special Meeting of the Housing Commission.of the City
of Carlsbad on the 17th day of January 2020, by the following vote, to wit:
AYES:
NAYS:
ABSENT:
JOHN NGYUEN-CLEARY, Chairperson
CARLSBAD HOUSING COMMISSION
ATTEST:
DAVID DE CORDOVA
Principal Planner
December 20, 2019
City of Carlsbad
Dave de Cordova, Principal Planner
1200 Carlsbad Village Drive
Carlsbad, CA 92008
Re: Windsor Pointe
Dear Mr. de Cordova:
AFFIRMED
HOUSING
Affirmed Housing Group respectfully requests additional grant funds from the City of Carlsbad in order
to bridge the remaining financing gap for the Windsor Pointe project in Carlsbad Village. The project will
serve homeless veterans, with half of the project units set aside for residents experiencing severe
mental illness.
Veterans are overrepresented in homeless population due to many risk factors, including: military pay
grade, active duty status, length and number of deployments, incidences of Traumatic Brain Injury,
Substance Use and other mental illness, and incidences of PTSD. The risk of homelessness continues for
many years after service--up to a decade or longer
The Windsor Pointe project will not only provide shelter for an extremely vulnerable population, but
also will include intensive mental health services through the County of San Diego's No Place Like Home
(NPLH) program. NPLH capital funds and a capitalized operating subsidy reserve (COSR) have already
been secured through the County.
The City of Carlsbad has committed $4,250,000 in capital to the Windsor Pointe project. These funds, in
addition to the NPLH funds and equity from the sale of 4% federal and state tax credits, will finance
approximately 86% of the total development cost. Affirmed is requesting an additional commitment
from the City of $4,043,392 to cover the remaining gap and move the project forward. This addit ional
contribution will take the City's share of the project's TDC to approximately 25%, which Affirmed
understands is in line with previous commitments to advance affordable housing.
The proposed permanent sources for Windsor Pointe are:
Name of Lender/Source !Term Interest Residual
(months) Rate Receipts/
Deferred Pymt.
1) Add'I Citv of Carlsbad Commitment ~60 3% Residual
2} City of Carlsbad Commitment p60 3% Residual
3) No Place Like Home (NPLH) .:120 0% Residual
~} NPLH COSR
5) Contributed Developer Fee ITBD TBD TBD
Total Permanent Financing:
Total Tax Credit Equity:
Total Sources of Project Funds:
13520 Evening Creek Dr. N., Ste. 160, San Diego, CA 92128
www.affirmedhousing.com
858.679.2828
Annual Debt Amount of
Service Funds
$4,043,392
$4,250,000
$5,265,000
$4,875,000
$500,000
i$18,933,392
$14,210,774
$33,144,166
AFFIRMED
HOUSING
The project is currently being considered for an award of 4% federal Low-Income Housing Tax Credits
{LIHTC) and California State Low-Income Housing Tax Credits (CLIHTC). If successful, credits will be
awarded in mid-January 2020. The project would then close on its construction loan in July 2020, and
construction would begin shortly thereafter. Construction would likely be complete in the 3rd or 4th
quarter of 2021. This funding strategy will bring units on-line for homeless veterans most expeditiously.
However, if the Windsor Pointe project does not receive an award of 4% plus state tax credits in January
2020, Affirmed will apply in CTCAC's first round 9% tax credits in March 2020. Because of the
competitiveness of the 9% credit application, a project must rely on its t iebreaker score to determine
whether it will receive an award or not. The additional $4 million in funds from the City will increase the
project's tiebreaker from 45% (unlikely to receive an award) to 66% (very competitive). So either
direction the project ends up taking (4% plus state or 9%), the City's additional funding is crucial to its
success. * Please note: Developer will not contribute fee in the 9% scenario because CTCAC will limit paid
fee to approximately $1. 7 million
There are two major considerations as to why the project has not been able to move forward since
receipt of the City's original funding commitment: inability to compete for additional financing (despite
the owner's best efforts) and high costs. To the first point, in 2018, Affirmed inquired about the
availability of vouchers through the City. Unfortunately, there are relatively few vouchers available, and
few that are available each year are tenant-based. Affirmed understands this is due to the lack of supply
of affordable housing in Carlsbad, so tenants can use the vouchers to offset rents in market rate
housing. Thus, the Windsor Pointe project has been unable to secure project based rental subsidy.
In addition to the voucher request, Affirmed unsuccessfully applied for VHHP through HCD (in February
2017 and July 2018) and IHTF through the County of San Diego (in March 2018). The reality is that
affordable housing lacking project-based vouchers is simply not going to compete well for these
financing sources. The NPLH program works because the County will provide services free of charge in
addition to the COSR that will offset any operating deficit resulting from low rent collection. However,
even with this source in place, additional capital is necessa ry for the project to move forward.
To the second point, the cost per unit is relatively high for this project. Windsor Pointe is located in the
heart of Carlsbad Village, a historic beach community in North County San Diego where land is very
expensive. Currently, no affordable housing exists in this prime location. The project will include ·a
concrete podium on the ground floor (to accommodate the parking), with wood framing on the second
and third floors. The parking garage on the ground floor restricts the space available for additional units
that could increase economies of scale.
Further, nearly half of the units are designed as single resident occupancy units (24), and there will be 16
additional 1-bedroom units incl uded. This results in higher costs due primarily to the ratio of bathrooms
and kitchens to number of units. The project will include ample community space, accessible and
adaptable ADA standards, and higher energy standards (GreenPoint certified) than a typical apartment
building.
13520 Evening Creek Or. N., Ste. 160, San Diego, CA 92128
www.affirmedhousing.com
858.679.2828
AFFIRMED
HOUSING
Finally, the project is required to pay prevailing wages, per the County of San Diego's funding
requirements. A recent study funded by the California Home Building Foundation notes that prevailing
wages increase hourly labor costs by 89%, resulting in an overall construction cost increase of 37%.
For all of these reasons, Affirmed requests that the City provide additional capital funds for the Windsor
Pointe project. The project simply cannot move forward in a timely manner without this commitment.
As soon as the project secures this funding and a tax credit award, Affirmed is ready to begin the
construction loan closing process and break ground prior to the end of 2020.
We appreciate your consideration, please let us know if we can provide any additional information.
Sincerely,
~C2.a____
Marie Allen
Project Manager, Affirmed Housing Group
13520 Evening Creek Dr. N., Ste. 160, San Diego, CA 92128
www.affirmedhousing.com
858.679.2828
Windsor Pointe
50 Unit Scattered Site (2 sites, 2 buildings)
4% Tax Credits + City Contribution+ NPLH Capital+ NPLH COSR + CLIHTC
1/10/20
SOURCES Per Unit %Total INCOME
City Funding-Commitment #1 s 4,250,000 85,000 12.8% Type Qly. Sub• %AMI total
NPLH s 5,265,000 105,300 15.9% Sludio-NPLH 12 25%
COSR NPLH s 4,875,000 97,500 14.7% Studio 12 24 60%
City Funding. Commitment #2 s 4,043,392 80,868 12.2% 1BR-NPLH 9 25%
State Tax Credit Equity $ 5,128,878 102,578 15.5% 1BR 0 40%
Federal Tax Credit Equity s 9,081,896 181,638 27.4% 1BR 0 45%
Contributed developer fee s 500,000 1BR 3 50%
TOTAL SOURCES s 33,144,166 662,883 100.0% 1BR 4 60%
1BR Mgr 1 17 mkl
2BR-NPLH 3 25%
2BR 0 40%
2BR 0 45%
2BR 1 50%
2BR 2 60%
2BR Mgr 1 7 mkl
3BR 1 30%
3BR 0 40%
USES 3BR 0 45%
Land Purchase s 3,265,000 65,300 9.9% 3BR 0 50%
Land Carry (bridge loan) & Broker Fee s 980,791 19,616 3.0% 3BR 1 2 60%
Land Acqusilion Total Cost s 4,245,791 84,916 12.8% TOTAL 50 50
Sile Work s 1.417.450 28,349 4.3% Annual Resldenlial Income
Structures & Prevailing Wage $ 11,645,724 232,914 35.1% Excess PBV Income:
Hard Cost subtotal $ 15 046,752 300,935 45.4% Other Income
Construction Contingency $ 1,053,000 21,060 3.2% Total Gross Annual Income
Architecture & Engineering $ 950,000 19,000 2.9% Vacancy@. 7.0%
Construction Interest & Fees s 1,261,688 25,234 3.8% TOTAL NET ANNUAL INCOME
Capllalized Reserves s 5,679,000 113,580 17.1%
Taxes & Insurance s 155,000 3,100 0.5%
Cost of Issuance s 150,000 3,000 0.5% EXPENSES
Escrow & TIUe s 20,000 400 0.1% Administrative
Legal Fees $ 185,000 3.700 0.6% Manaaement
Devel Impact Fees & Permits $ 962,000 19,240 2.9% Ulililies
Tax Credit Fees $ 29,935 599 0.1% Pavroll
Misc. Soft Costs s 301,000 6,020 0.9% Insurance
Total Relocation Exoenses s 331,000 6,620 1.0% Maintenance
Soft Cost subtotal $ 10,024,623 200.492 30.2% Other:
Soft Cost Contingency s 274,000 5,480 0.8% Other Exoenses Subtotal
Develooer Fee Paid s 2,000,000 40,000 6.0% Resident Services
Developer Fee Deferred $ 500,000 10,000 1.5% Reolacement Reserves
TOTAL USES $ 33 144,166 662,883 100.0% Real Estate Taxes
Other: CMFA Issuer Fees+ LP fees + County moni
II ANNUAL EXPENSES
CONFIDENTIAL
W111dsor Pointe 4% w NPLH + SCs + City Acq. MA+ JSjt 20.1.10 Propeny of Affirmed Housing Group
Rental Income
Net Monthly Total
$ 280 s 3,360
s 1,103 s 13,236
$ 325 $ 2,925
$ 705 $
$ 796 s
s 978 s 2,934
$ 1,178. s 4,712
s s
s 427 s 1,281 s 846 s
$ 955 s
s 1,173 s 1,173
$ 1,414 s 2,828
s s
$ 719 $ 719
$ 972 $
$ 1,098 $
$ 1,351 s
s 1,629 s 1,629
s 34,797
$ 417,564 s
$ 8,400
$ 425,964 s (29,817 s 396 147
oerunil
s 2,527 s 126,325
s 475 s 23,769
s 820 s 41,000
$ 1,900 s 95,000
s 300 $ 15,000 s 870 s 43,500
s s -
$ 6,892 $ 344,594
$ 880 $ 44,000
$ 396 s 19,800
$ 100 $ 5,000
$ 180 s 9,000
I s 8,448 I$ 422,394 I
1110/2020 2:28 PM
TABLE OF CONTENTS
THE AFFIRMED MISSION
ABOUT Us
SNAPSHOTS
Eco F RIENDLY
U NDER CONSTRUCTION
FUNDING SECURED
COMPLETED COMMUNITIES
RENOVATED C OMMUNITIES
DEVELOPMENT PARTNERS
COMPANY PROFILE
AWARDS RECEIVED
AFFIRMED
HOUSING
c1
.J,,;
~
'I' ;f .~
j /-
i ~ r·
(.
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325
THE AFFIRMED MISSION
MISSION STATEMENT
At Affirmed Housing our mission is to create and maintain exceptional residential
communities for the families and individuals we serve.
Vision Statement
Utilizing innovative designs which address community, c1v1c, transportation and
environmental concerns, we create award winning communities that provide, safe,
clean, quality affordable housing for families, veterans, seniors, and th~ formerly
homeless.
Strategies
In achieving our Vision, Affirmed Housing promotes three pillars:
Performance, People, and Planet.
PERFORMANCE
• Collaborate with civic leaders, public and private-sector financial partners.
• Enhance and sustain the viability of California communities through the
development of well-designed and professionally managed housing.
• Improve distressed communities and strengthen healthy ones.
• Create profitable financial structures that benefit Affirmed and our
partners.
PEOPLE
• Utilize infill land, sustainable building methods, and renewable energy to
alleviate environmental burdens and expense to our residents.
• Build better homes by promoting neighborhood revitalization and
incorporating mass transit strategies to keep our communities walkable.
PLANET
• Lead the industry in sustainable and energy efficient housing.
• Conserve natural resources, reduce water consumption and utilize
renewable and innovative materials to minimize our carbon footprint.
• Embrace efficient building design and management.
• Always reduce, reu se, and recycle to minimize landfill waste.
ABOUT AFFIRMED
About Us
Founded in 1992, Affirmed has successfully developed 45 communities with over 4000 affordable
rental and for sale apartments and homes. The Affirmed pipeline of projects currently includes
over 700 apartments, each at various stages of development. Affordable housing developments
include new construction and rehabilitation of senior, special needs, and family rentals. Affirmed
has comprehensive knowledge in residential development including site selection, engineering,
architecture, construction, relocation, and marketing. With extensive knowledge in public & private
finance, Affirmed is highly skilled and innovative in development funding.
With over 25 years of successful development experience, Affirmed Housing has proven
relationships with lenders and investors. In an industry requiring expertise in specialized financing ,
Affirmed has effectively utilized creative sources to finance their award winning communities.
Sources have included bank, equity, local, state, and federal funding . See recap of funding for
more information
COMMUNITY SNAPSHOT
URBAN
Lotus Garden, Los Angeles Studio 15, San Diego
SUBURBAN
Cielo Cam,el, San Diego Monte Vista II, Murrieta
HOMELESS HOUSING
Vem,ont Villas, Los Angeles Cypress, San Diego
REHABILITATION
. -
. . .
-. . . ~ ,
Orange Garden, Poway Sonoma Court, Escondido
ECO-FRIENDLY
BUILDING ECO-FRIENDLY
In conjunction with our company's mission to produce sustainable and efficient housing, Affirmed
has been incorporating green aspects to all of our developments since 2009. These elements
include: hot water & photovoltaic systems, low VOC paints, Energy Star Appliances, white roof tops
(to offset sunlight), and being pedestrian friendly. All of our developments are within walking
distance to amenities such as public transit, garden plots and vegetable or fruit trees. The green
building programs such as "Build it Green" or LEED certification are applied in all developments.
Some of our most notable "green" and innovative features include:
Project Notable Green Features
Arbor Green • Solar water heating system
Carson, CA • Bike racks to encourage clean
LEED Platinum Certified for Homes modes of transportation
*Virtually Net Zero • The project has been underwritten
using the California Utility
Allowance Calculator to ensure the
development optimizes energy
efficiency
Lotus Garden • The first affordable housing to
Los Angeles CA offer an automated parking
system, aka: car matrix.
LEED Platinum Certified for Homes
Solterra • On site electric car for resident use
El Cajon, CA • On site electric car charging
Build it Green stations
Magnolia Court, • Run off water drainage system for
Manteca CA the neighboring properties; the
water is recycled & used for onsite
LEED Platinum Certified for Homes irrigation
*Virtually Net Zero • Energy savings are 22% above CA
title 24 requirements
• One of the first virtually net
metered solar systems in the state
of CA. (built Nov. 2011)
Ten Fifty B • Regenerative Elevators
San Diego CA • On-Site hot water boiler system
LEED Gold Certified for Homes • Cradle to Cradle Carpet
Sonoma Court • Drought tolerant landscaping
Escondido, CA • Efficient heat pumps offset by
*Virtually Net Zero solar panels
• High SFI roof
UNDER CONSTRUCTION
the LINK
Development Information
Address:
707-723 17th Street
San Diego, CA 92101
The LINK, will be a mixed income project located at the
corner of 17th and G Streets in the East Village area of
Downtown San Diego. The Link will be a vibrant and
progressive development that will connect to the culture of
the neighborhood. Situated adjacent to the popular Makers
Quarter and nearby IDEA District, this development will not
only expand the supply of affordable housing in this
emerging neighborhood, it will bring income diversity to an
area of East Village where most residential new
Development Information
Address: 1532-1538 Cambria Street
Los Angeles, CA
Aria will offer 56 studio and one bedroom apartments
for the homeless (as well as one two bedroom
apartment for management). Offering onsite services,
Aria will be built using state tax credits, HHH funds, 56
OHS funds and other gap funding. Resident amenities
include a 1,030 sf Community Room as well as a
Computer Room, Laundry Room and Bike Parking with
space allocated for residents to service their bikes on
the premises. Residents will also have access to a
spacious outdoor courtyard and garden area. The
project will cost approximately 28 million dollars.
• 88 apartments
72 PSH at 30-40%
14 Studio at 50%
2, one bedroom (managers unit)
• 30%-60% AMI
• One, 7 story building
• 6 parking spaces
• .5 acre, 4.67 units per acre
• 57 apartments
48 studios
8 one bedroom
1 two bedroom (managers unit)
• 30%-60% AM I
• One, 5 story building, with surface parking
• 6 parking spaces
• .5 acre, 382 units per acre
Della
Rosa
• 50 apartments
25 PSH studio
25 one and two bedroom
• 25%-50% AMI
• Four, two and three story buildings
• 29 parking spaces
• .66 acre 227 units per acre
UNDER CONSTRUCTION
Development Information
Address: 1480 Beach Boulevard
Westminster, CA 92683
Della Rosa will be a mixed income project fronting Beach
Boulevard in the city of Westminster. Della Rosa will bring a
fresh new look to the street with a uniquely designed fa9ade.
Offering 29 on-site parking spaces, residents will enjoy, on site
amenities including a common kitchen, computer room and on-
site management. On-site services will be offered by American
Family Housing
EMERSON
Development Information
Address: 4760 Melrose Ave.
Los Angeles, CA 90029
• 39 apartments
38 studio
1 two bedroom
• 30% AMI
• One, five story building
• 29 parking spaces
• .23 acre site, 186 units per acre
Emerson will be a five story building offering 38 studio homes to
those who earn 30% AMI Los Angeles county. Resident
amenities include a large Community Room, a Computer Room,
on-site Laundry and secured room for Bike storage. The
Community Room has convenient access to an 800 sf open air
garden area that residents can enjoy year round. Additional the
Roof Terrace will feature open and shaded areas for residents to
relax and take in the surrounding city views.
UNDER CONSTRUCTION
Nova
Development Information
Address: 445 30th St., Oakland, CA
• 57 apartments
32 studio
24 one bedroom
1 two bedroom
• 25%-50% AMI
• One, six story building
• 9 parking spaces
• .25 acre site 228 units per acre
Nova, is located in proximity to public transit, and will offer 53
supportive homes for the formerly homeless at 20% AMI. A six-
story development, apartments will be located on the second
through sixth floors. Resident common spaces, including a
multipurpose room with free access to computers/internet,
community kitchen , property management office, case manager
offices and outdoor courtyard with barbecues will located on the
ground level. The ground floor parking garage will include nine
parking spaces, as well as bike storage to accommodate up to 63
bicycles.
II of New/
Development Units Type Rehab Prop. Type co Date
1 Ari•, Los Angeles 57 4% New Special IJeeds/SRO 9/30/20
2 The UNI<, San ~o 88 g,r, New Special Needs/SRO 9/1/20
3 Dl!!Da Rosa, Westminster 50 9% New S~ial Nteds/f!lm:1y 8/1/20
4 VU'3s on the Park, San Jose 84 g,r, New Special Needs/SRO 10/15/19
5 81uewater, San Di~o 80 4% Ne-.11 Famiy 8/23/19
6 :Stella, San Diego 80 9"' New Special Needs/SRO 7/22/19
7 HoOywood Palms I~ San Ol~o 94 4% Rehab Famt'y 2/28/19
8 izephyr, Son Dleio 85 m Rehab Spetiol NeedsJSRO l (W19
9 lullll, Sein Diego 79 4% New I Famiy ll/21/18
10 PATI1 Metro Villas lDs 4 ""'"1e5 65 47':, New Special Needs/SRO 8/30/18
11 Bella Vita, Cl!rson 65 9% New Senior 3/19/18
12 EastEetc, San Marcos 42 47':, New f;m11lv/Mixed us, 7/31[17
13 Cypress, San DIE20 63 9% New I Special 14eeds/SRO 7/21/17
14 ventallsoll san Marc11s 48 4r. Rehab Faml~ 10/4(16
15 Cie!o Carmel, san o:ego 197 41, New Famiy 7/29/16
16 Allanza Indio 144 4% Rehab Famlfi 10/30/15
17 Vcnnont Vill~s, Los An~el~ 79 99, New Senior/Special Needs 6/30/15
18 Pasco Poinle Vtsta 69 99~ New Farnly/1,,1~ Use S/2/15
19 Sonoma Court II, Escondido 61 40• ,. Rehab I Family 12/30/14
20 Arbor Green Cct!'Son 40 9% New Family 2/3/14
21 lotus Garden, Los An!!eles 60 9;r. Ne,.11 Fami\, 12/30/13
22 !<:nlterra El caJon 49 ~ New Senior 4/29/13
23 Monte Vista II, Murrieta 40 9% Ne,.11 Fami!v 2/2.1/13
24 Connections Housing, San Diego 75 9% Rehab Special Nt!eds}SRO 12/28/11
25 Orange Gardens, Poway 52 4o/o Rehab Fami¥ 8/29/U
26 City S<ene. San Dieeo 31 4')1, New Fami\t 5/31112
27 Riverwalk, San Diei.o 50 gr, Ne,,11 Famt'y 6/28/11
28 Magnolia Court, Manttca 52 ARRA New Fami)V 1/7/11
29 Sa11e Pointe, San MArcos 40 N/A R,ehab I fami'y 10/14/10
30 lren Fifty B, San Dieio 229 4,r, New Fanti¥ 4/16/10
31 !The Fairwavs, San Jose 86 9r, Ne\'I I Fami'y 8(26/09
32 lc:turuo 15, San Oiegn 275 4o/o New SRO 4/28/09
33 Auburn Park, San O:ego 69 9:1!. Ne,.11 Familf 9/28{07
3-1 ,Avim Glen, VaUtio 87 47':, New Fami¥ 3/20/07
35 C~ssia Hdeh ts, ca rtsbad 56 9r, New family 2/22107
36 MapleSQuare, rremont 132 4'1., New Faml'y 12/28/06
37 O'cek.1ide Trails, San ae~o so 9,;, New Fami:V 3/1/06
38 Monte Vista, Murrietl! 64 g,;, New Fami:V 7(25/05
39 lre!-0ro Grove, San Dleiio 106 gr, New f~ml(V 2/26/03
40 Hollw1ood Palms San Diazo 94 4,;, New FomiN 10/31/02
41 Ventaliso, san Martos 48 gr, New Famiy 8/30/01
42 Hunt Parle, Wlnston-safem, NC 60 4t. Nav Famn, 7/16/01
43 Mission Village, Temecula 76 49'> New Fami~ 3/20/00
44 V.ill! Garcia, Thousand Oaks ,80 49'. Rehab Fami!v 1/1/00
45 Griffith Commons, Winston ~lem, NC 74 49. Ne-.v Famly 1/1/00
46-53 Projects prior to 2000 576 .m&s¾ Mixed Fami!y 1996-1999
TOTALS 4,181
Tax Credit
Status Equity local Funding
l/nd~r Construction 9,SC9,955 12,000,000
~r Corutruction 24,750,000 10,350,000
lkldtr Corutruction 14,476,851 3,566,400
Under Construction 21,455,119 10,460,000
Under ConstroctJon 12,374,164 9,463,500
lklMr ConstructJon 16,143,673 7,500,000
Complete 8,603,627 0
Como!ete 15,122,000 3,000,000
Comp!ete 12.095,000 0
comp!cte 12,030,000 8,472,548
Comp'ete 14,910,000 8,600,000
Complete 6,876,872 8,840,000
Complete B ,794,831 3,637.545
Complete 2,9C6,343 1,750,9U
Complete 19,443,648 t)
Complete 6,988,75S 0
Complete 12,91.1,000 3,872,900
Complete 17,888,186 7,850,000
Complete 4,343,852 2,377,512
Complete 6,167 219 5,400,000
Complete 13,634,262 12,741,400
Complete 5,363,979 8,201,342
Complete 4,609,824 4,590,222
Complete 21,601.000 15,950,000
Complete 4,618,000 8,846,000
Complete 3,392,943 5,110,753
Complete 7,399,237 4,475,145
Complete 7,475,163 2,750,000
Complete 0 7,232,458
Complete 3!1,301830 33,975,000
Complete 15,801,040 8,834,085
Complete 15,400,660 16,498,000
Complete 13,588,940 6,472,355
Complete ll,625 220 3,993,750
COOll)!cte 11,487,940 2.829,276
complete 15,552,590 ll,856.~1
Complete 8,935,580 2.800.000
complete 5,298,780 61D.046
Co!Tllllrl~Sold 12.485,170 2.630.000
Cormlm/Sold 6,712 430 2,200,000
Complete/Sold 6,582,450 1500,000
Complet~SOld 3,121,690 550,000
Complete 2,088,540 0
Comolete/Sold 2,960,290 2,700,000
Complete/Solcj :l,651,330 200,000
Complete/Sold 32,051,400 8.477,370
$527,541,393 $283,370,480
State/
Other Funding
2,368,188
387,214
0
650,000
0
948,000
942,221
9,041,500
227250
5,581,877
0
0
3,535,000
43onnn
0
0
!I00,000
0
746,638
0
590,000
0
0
1,527,000
0
0
0
1,788,800
0
14,002,2~
430000
1,000,000
0
4,458,751
0
7,721,577
0
720,000
0
0
480,000
SOS,000
0
0
567,500
$59,298,756
Construction
Financing
14,500,000
23,187,101
14,931,858
22,620,661
19,539,832
17,383,965
20,043,124
19,782,109
20,333,693
16,450,000
12,894,800
10,000,000
13,671,147
5,026.Q45
30,118,0W
14,115,000
14,714,8~0
18,163,432
4,600.000
6,300.000
6,480.000
5,545,000
6,219,000
16,089,616
7,600.000
5,400.000
7,100,000
5,300,000
1,300.000
48,500000
16000,000
20,;noooo
11,506,S?S
14,000,000
8,950,000
20,000,000
6,074.129
5,500.000
2,250.000
6.555.000
1,941755
1,500,000
5,800,000
4 600,000
2,417,500
19,131,000
$574,645,255
Total Financing
Sources
38,378,153
58,67,,315
32,975,109
55,185,780
41,382,496
41,980,658
29,593,972
46,945,609
32,655,943
42,534,425
36,414,SCO
25J16,8n
34,838,523
10,163,300
49 561,728
21,103,755
32,298,750
43.901,618
12,068,002
17,867,219
33,445,662
19,110,321
15419,046
55,167,616
21,064,000
13,903,696
18,974,31!2
17,313,963
8,532.458
134,779,070
42.065,125
53,398,&EO
31,567,833
34/.m,721
23,267,216
55,131,128
17,809,709
12,128,816
17,365,170
15467,430
10,504,205
5,171,690
8,193.540
10,260,290
6,268,830
60,227,270
Sl,444,855,884
;:o m
0 > \)
0
"Tl
"Tl
C z
0 z
G)
(/) m
0
C ;:o m
0
COMPLETED COMMUNITY
a er
Development Information
Address: 6124 Fairmont Avenue
San Diego, CA 92120
• 80 one, two, and three bedroom units
• 50%-60% SD County Area Median Income
• 1, five story buildings
• 88 parking spaces
• 39,221 sq. feet
• 2.37 units per acre
Bluewater offers 80 affordable apartment homes in a five
story building located at 6121 Fairmount Avenue 92120. The
site is conveniently located in an urban village setting, with
close proximity to grocery, restaurants, retail, healthcare and
community services, and within a half mile of the Grantville
Trolley Station. This family housing project offers 32 one-
bedroom, 24 two-bedroom, and 24 three-bedroom
apartments, for those who earn 50%-60% area median
income. The building features common area amenities and
outdoor open space, a community kitchen, multi-purpose
space, and gathering areas. Resident apartments average
817 square feet and feature modern, durable finishes that
meet high energy-efficient standards, designed to keep utility
costs low.
COMPLETED COMMUNITY
Development Information
Address: 4304 Twain Avenue
San Diego, CA 92120
• 80 studio, and one bedroom
units
• 40% SD County Area Median
Income
• 1, five story buildings
• 18 parking spaces
• 32,215 sq ft site
• 2.06 FAR units per acre
Stella offers 80 studio and one bedroom apartment homes for the formerly homeless. Offering
comprehensive, on-site services for residents, the site is conveniently located within a half mile of the trolley
station and within 4 trolley stops of the local VA Clinic. This permanent supportive housing project offers 40
studio-efficiency and 39 one-bedroom apartments, targeting Homeless and Special Needs populations with
an average of 40% AMI rents, and one (1) one-bedroom manager's unit. A five story development, Stella
apartments average 485 square feet and feature personal kitchenettes and amenities include on-site
laundry, 24 hour management service, a tech center, and large amounts of community common space allow
for gatherings. Comprehensive on-site supportive services are provided by Interfaith Community Services;
an expert in providing services for homeless and low-income Veterans. This project expands the supply of
much-needed permanent supportive housing for Veterans in a "Choice" neighborhood near veteran service
facilities and frequent public transit (Grantville Trolley Station).
COMPLETED COMMUNITY
I
V I L L A s T
0
HE p A R K
Development Information
Address: 290 N 2nd Street,
San Jose, CA 95112
• 83 studio, and one two
bedroom unit
• 30-50% Santa Clara County
Area Median Income
• 1 , six story building
• 12 parking spaces
• .355 acre site
• 800 units per acre
Villas on the Park is an 84 unit permanent supportive housing development with enhanced social
services for the formerly chronically homeless in the downtown core of the City of San Jose. Villas
on the Park is a 6-story building offering resident flex space designed to accommodate a variety of
enhanced services that will distinguish this development from other more traditional PSH
developments. Other first floor uses will include an employee lounge and outdoor patio, a small
parking garage with parking lifts for efficiency, building utilities and a large bicycle storage room. The
second floor podium level (approximately 11 ,700 square feet) includes nine PSH studios, the
resident manager's office, 6 case worker offices, a landscaped outdoor deck area and a large
community room and teaching kitchen overlooking 2nd street. The upper floors (approximately
10,600 square feet each) accommodate the balance of the PSH studios and the manager's unit, and
a large landscaped 6th floor outdoor patio with raised bed planter for resident gardening. The
development has a total of six washers and six dryers located in a laundry facility found on each of
the residential floors. The building is environmentally sustainable and includes green building
technologies, adheres to the principles of energy efficiency, and overall waste reduction.
COMPLETED COMMUNITY
Development Information
Address: 4370 Alvarado Canyon Road
SD CA 92120
• 85 studio, and one bedroom units
• 50%-60% SD County Area Median Income
• 1, four story buildings
• 45 parking spaces
• 1.69 acre site
• 2 units per acre
Zephyr is a permanent supportive housing community offering 85 apartment homes for formerly homeless
Veterans. Formerly a Motel 6, this transit-oriented site is not only walkable, but is within 500 feet of a trolley
stop. Resident units offer a bathroom, and kitchenette, as well as on-site laundry and garden plots for
residents. Zephyr also includes a newly renovated 4,642 square foot office space that boasts a large
community room, kitchen, as well as offices for on -site service providers, PATH San Diego, as well as the
manager from Solari Enterprises. Resident services include mental health counseling, resume and career
building courses, computer and trade enhancements and more.
COMPLETED COMMUNITY
PA TH Metro Villas
Development Information
Address: 345 N Westmoreland Ave,
Los Angeles, CA 90004
• 65 studio, and one bedroom units
• 20%-60% LA County Area Median Income
• 1, six story building
• 46 parking spaces
• 45,084 sq. foot site
• 67.34 units per acre
PATH Metro Villas is a 65-unit, permanent supportive housing project
that serves low-income individuals many of whom are experiencing
homelessness, chronic homelessness or poverty with a significant rent
burden. Fifty-one units are earmarked Supportive Housing units and
fourteen units are set aside for low-income households earning no
more than 60% of the area median income. A $28 million
development, this six story building is located on the PATH "campus"
and includes meeting spaces and offices for both PATH company
staff, and resident meetings.
COMPLETED COMMUNITY
PAC I !="I C H I G H L A N D S R A N C H
Development Information
Address: 13388 Highlands Place & 6041 Pacific
Place, San Diego, CA 92130
• 75 studio, one, two, three & four bedroom units
14 one bedroom 526-537 sf
39 two bedroom 737-794 sf
20 three bedroom 1,002-1 ,019 sf
4 four bedroom 1,184 sf
• 50%-60% SD County Area Median Income
• 2, four story buildings
• 86 parking spaces
• 1.96 acre site
• 35 units per acre
Located in Carmel Valley, San Diego, Luna is a 79 unit affordable community for families earning 50%-60%
AMI. Offering one, two, three and four bedroom apartment homes, Luna consists of two, four story buildings.
Situated less than one mile north of highway 56, Luna is in proximity to local schools, dining, shopping and
public transit. Project amenities include a community room, leasing office, computer room, and laundry
facilities. Each unit offers a patio or balcony and a well-designed kitchen equipped with energy star
appliances. Luna is an inclusionary housing development costing approximately 30 million funding sources
included B Bonds, Banner Bank, Bank of America, and R&V management.
COMPLETED COMMUNITY
~BELLA VITA
..
Development Information
Address:
402 East Sepulveda Blvd
Carson, CA 90745
• 65 one and two bedroom units
58 one bedroom 620 sq.ft.
7 two bedroom 740 sq.ft.
• 30-60% Los Angeles County Area Median In-
come
• 4 story building
• 62 parking spaces
• 1.22 acre site
Bella Vita is a mixed-use development offering 65 senior residential apartment units and commercial space
on a 1.22-acre site located Southwest of East Sepulveda Boulevard and Panama Avenue. The affordable,
senior housing offers 58 one-bedroom apartments and 7 two-bedroom apartments. Boasting 3,000 square
feet of commercial space, onsite parking includes 62 parking spaces and bike racks. The project also feature
approximately 20,000 sq uare feet of common areas that includ e a community room, community garden,
outdoor seating, theater area, podium gardens, and a park area.
COMPLETED COMMUNITY
Development Information
Address:
1435ImperiaI Avenue
San Diego, CA 92101
• 62 studio units
• 30-40% San Diego County Area Median Income
• One, 6 story buildings, 5 levels of wood framing
over single level of concrete podium, on grade.
on grade
• 5 parking spaces
• 9,743 sq. ft. site
• 282 units per acre
Cypress is a six story, new construction, offering
63 affordable apartments, located in the East
Village District of Downtown San Diego, at 1435
Imperial Avenue (between 14th St. and 15th St.).
The building provides one manager's unit and 62
SRO/efficiency units, targeting the Special Needs
populations with an average of 40% AMI rents.
The sleek, modern structure features an elevated
common area with amenities and outdoor open
space on the second level. The second floor also
includes a community kitchen, tech tables, and
lounge areas cladded by floor-to-ceiling glazing to
enliven the space with abundant natural sunlight.
The resident apartments range from 275 to 350
square feet and feature personal kitchens and
bathrooms. On site resident services will be
administered by Father Joes Village. The project
utilizes 9% Federal Tax Credits, $3,450,000 of
development capital from the San Diego Housing
Commission, and $3,837,545 in TOD grant
funding.
COMPLETED COMMUNITY
42 Family Units
6 Studio: 577 SF
Development Information
Address:
14-16 Creekside Drive,
San Marcos, CA 92078
5 1 Bedroom: 677 SF
18 2 Bedroom: 919-1075 SF
13 3 Bedroom: 1011-1546 SF
• 50-60% County of San Diego Area Median Income
• 3 three-story buildings, wood frame on grade
• 113 parking spaces
• 87,325 sq. ft. site
• 21 units per acre
Eastgate is a 42 unit, mixed use, urban infill
development offering studio, one, two and three
bedroom apartment homes to those who earn 50%-
60% AMI of San Diego County median income. The
ground floor feature 7,200 sq. ft. of street front
commercial space. Resident amenities include, a
community room , common kitchen and tech
stations, a tot lot, barbeque areas, laundry facilities,
and educational programs. Eleven units are
designated as HOME units targeting income
qualified Veterans.
COMPLETED COMMUNITY
. . ·, , . 1,-ji ..
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. '\ -. Development Information
Address:
325 South Santa Fe
Vista, CA 92083
69 family units
3 Studio
POINT~
21 One bedroom
24 Two bedroom
21 Three bedroom
• 30%-60% San Diego County median income
• Three, four story buildings connected by a
pedestrian bridge
• 81 parking spaces
• 83,500 sq ft. site, 40,000 sq. ft. park
• 40 units per acre
Paseo Pointe is a four-story development arranged in
three buildings connected by a pedestrian bridge. The
ground floor of the north building features retail space and
centrally located management offices, while the south
parcel hosts a community room and laundry facility.
Residents' needs have been carefully considered during
site selection and building programming, ensuring a
quality living environment for this community. Building
amenities include a computer room, library, onsite
management offices, commons kitchen, laundry room
and outdoor courtyard with barbeques and adjacent tot
lot. The tot-lot is located conveniently within view of the
laundry room and other common areas, helping facilitate
parental supervision of children. Additionally, a large
amount of publicly accessible open space is provided for
residents and community members alike to enjoy social
gathering and relaxation. Paseo Pointe Residences is
located within a short walking distance of many
amenities, notably a mass transit station to help facilitate
independence from the need of vehicle ownership.
COMPLETED COMMUNITY
Development Information:
Address:
21227 Figueroa Street
Carson, CA 90744
40 family units
14 One bedroom-683 sq. ft.
12 Two bedroom-891 sq . ft.
14 Three bedroom-1,169 sq. ft.
• 30-60% San Diego County Area Median
Income
• One building, 3 stories with tuck under
parking
• 66 parking spaces
• 1.36 acre site
Arbor Green consists of 40 affordable apartments
renting for 30-60% area median income. Built to
achieve LEED platinum status, residents enjoy
lowered utility rates as the site meets and exceeds
many green living standards. Located on a 1.36
acre lot, the community provides 66 parking
spaces; three parking spaces for handicapped
residents or visitors, one of which is van accessible,
and six parking spaces reserved for clean air
vehicles. The modern exterior design of Arbor
Green incorporates contemporary features with
rectangular building massing, flat roofs, large
expanses of glass, and cantilevered decks.
Resident amenities include an on site computer lab,
a large community lounge, and a kitchen and TV. A
tot lot is adjacent to the community laundry facilities
so parents can complete chores while their children
play within eye view. The inviting landscaped
courtyard also features BBQ's and covered picnic
tables for residents to enjoy. Immediately adjacent
to the 110 Freeway, the west fac;ade of the building
features a distinctive sound-wall. This provides a
sound barrier to minimize traffic noise impacts on
the development. The "u"-shaped building
surrounds the central East facing courtyard to
essentially eliminate freeway noise in the outdoor
community spaces.
COMPLETED COMMUNITY
CIELO
CARMEL
Development Information
Address:
6050 Camino San Fermin
San Diego, CA 92130
197 apartments
33 One bedroom
98 Two bedroom
68 Three bedroom
• 50%-60% San Diego County median income
• 17, two story buildings
• 402 parking spaces
• 177,776 sq. ft. bldg.
• 49 units per acre
Cielo Carmel features 197 one, two and three
bedroom homes to families and seniors who earn
50-60% AMI. The property consists of 17 two
story buildings that feature private garages as well
as assigned parking. On site amenities include a
community room, a community business center, a
pool, tot lot, furnished outdoor BBQ area, on site
laundry facilities and on site management.
Located in close proximity to the local highway,
shops and stellar schools, Cielo Carmel is an
example of sterling affordable housing.
COMPLETED COMMUNITY
VERMONT
VILLAS
Development Information
Address:
16304 South Vermont Ave.
Los Angeles, CA 9024 7
79 permanent apartments for homeless and at risk
seniors age 55 and older, who are Veterans or
disabled
Vermont Villas offers permanent supportive
housing for 79 special needs and Veteran seniors
(age 55 years and older), who are chronically
homeless and who may also be disabled. Vermont
Villas serves the extremely low income population,
households earning just 20% and 30% Area Median
Income (AMI). Substantial resident services are
provided onsite by the non profit PATH, including
housing preservation counselors to mentor these
formerly homeless, chronically homeless, and at-risk
of homelessness seniors. A contemporary design,
the four story building incorporates three stories of
residential apartments atop one level of at-grade
parking (41 spaces), interior common space, a
manager's apartment, and an exterior community
courtyard. Comprising the first level are property
management offices, resident case management
services, and engaging community amenities such
as a common kitchen, tech stations, and areas for
gathering, fitness, and education. The courtyard is a
private, natural social area for outdoor activities and
gardening. The second through fourth floors, served
by dual elevators, contains 68 one-bedroom
apartments, 9 large studio apartments, and laundry
facilities on each floor.
COMPLETED COM MUNITY
GARDEN
Development Information
Address
715 Yale Street
Los Angeles CA 90012
60 family units
15
15
10
20
Studio-404 sq. ft.
1-Bedroom-816 sq. ft.
2-Bedrooms-1, 146 sq. ft
3-Bedrooms-1,168 sq. ft.
• 30% -60% Los Angeles County Area Media
Income
• One, 4 Story residential building with two
stories
underground parking
• 64 Parking Spaces
• 19,663 sq. ft. Site
• 133 Units per Acre
Lotus Garden offers 60 apartments consisting of (15)
studio, (15) 1-bedroom, (10) 2-bedroom and (20) 3-
bedroom apartments. The project provides an outdoor
recreation area, a community room, onsite laundry and
onsite parking for 63 vehicles. Located on the Bus
Rapid Transit line and within walking distance of light
rail , this transit oriented development will further the
goals of the City of Los Angeles in reducing vehicle
ownership through pedestrian oriented development.
Lotus Garden brings much needed affordable housing
to individuals and families earning 40-60% of Los
Angeles county AMI. Featuring a 2,200 square foot
common room with a full kitchen, the property also
features a computer lab and on site management
offices. With approximately 4,000 square feet of
outdoor open space located on the roof deck of the
building, Lotus Garden offers gardening plots and
BBQ's, as well as a passive recreation area for
residents to gather, encouraging a healthy lifestyle.
With building frontage on two streets and sidewalk
improvements fronting on Ya le Street, this pedestrian
friendly development also offers the first car matrix in
an affordable housing development in Southern
California. Built to achieve LEED Gold, Lotus offers
sustainable, affordable, quality housing.
COMPLETED COMMUNITY
CONNECTIONS
Housing
Connections Housing 1928
Connections Housing 2013
Connections Housing is an all inclusive homeless housing
development centrally located in downtown San Diego.
Providing a commercial kitchen, development services, medical
facilities, interim housing and permanent housing for the
chronically homeless, Connections Housing is applauded as the
first of its kind. Located in a historic building constructed in
1928, the building has been gutted and completely refurbished
to meet the complex needs of the chronically homeless. A $38
million dollar endeavor, funding to create this community came
in the form of City redevelopment funds, project based
vouchers, LIHTC funds, private bank monies and historic tax
credits.
To learn more, please www.sdconnections.org
Dow ntown San Diego
Development Information
Address:
1250 6th Ave. San Diego, CA 92101
175 Units
•
•
73 permanent studios
134 interim units
16 SRO units
Sub-basement-Service kitchen
Basement-Service Depot
• 1st floor-medical clinic
• 2-3rd floors-interim beds ( one floor for
men, one floor for woman)
• 4-12th floors-permanent studio units
• Sub Basement, industrial sized kitchen,
used to serve over 300 meals daily.
• Basement: PATH Mall, a one stop service
center, provides program offices for a
diverse group of social service providers.
Services include: computer skills, resume
classes, health and hygiene, mental
services and more
• 1st floor: Primary Health Center, a
comprehensive clinic that will provide
primary medical and mental health
services.
• 2nd and 3rd floors: Transitional/Interim
housing for approximately 150 people.
• 4th-12th floors: Permanent, supportive
housing offering 73 studio units. Each
unit has a kitchenette, mini fridge, private
bathroom, bed and wardrobe, and an AC
unit.
COMPLETED COMMUNITY
RI V ERW A L K
Development Information
Address
1194 Hollister St.
San Diego, CA 92154
50 family units
19 1-Bedrooms -700 sq. ft.
10 2-Bedrooms -875 sq. ft.
21 3-Bedrooms-1,100 sq. ft.
• 30% -60% San Diego County Area Median
Income
• Five, 2 Story residential buildings with two
separate laundry facilities
• 81 Parking Spaces
• 47,235 sq. ft. Site
• 19 Units per Acre
Riverwalk apartments are located in the Nestor
community of San Diego. The site, a previous eye
sore, contains a creek-bed that has been revitalized
and the local habitat, restored. The project now
features a pedestrian bridge as well as numerous
public trails to enhance the community. The property
contains five apartment buildings, linked together by the
pedestrian bridge over the creek. Riverwalk features a
furnished community room, a fully equipped computer
room with wireless internet, on site laundry facilities,
and a tot loU recreation area for residents. A Green
Point Rated development, every unit is equipped with
water saving fixtures and ENERGY ST AR appliances.
Solar water heating and photovoltaic power serve the
common area and the landscaping, which is comprised
of drought-tolerant plants. Riverwalk apartments are
home to 50 families who earn 30-60% of San Diego
county's median income.
COMPLETED COMMUNITY
__s olteFr
Development Information
Address
131 Chambers Street
El Cajon, CA 92020
49 Senior units
46 1 bedroom
3 2 bedroom
600 sq . ft.
750 sq. ft.
• 30%-60% San Diego County Area
Median Income
• Two 5-story residential buildings with
underground parking
• 42 Covered parking spots
• 87,541 sq. ft. site
• 129 units per acre
Solterra is a 49 unit senior residence located in
downtown EL Cajon. 100% affordable, Solterra
offers quality apartments for persons age 55 years
and older. At the street level, commercial space
in the south building with awning-shaded
storefronts face Chambers Street. Building activity
spaces in the north building will front on Linda Way
and a large community room will open onto the
public plaza on Chambers Street. Tree-lined
sidewalks have been widened to 12 ft on Chambers
and 1 O ft on Linda Way to be consistent with the
City's focus on creating walk able communities.
The residential entry plazas on both buildings
create a welcoming, urban front door and courtyard
with gardens for the residences above. Onsite
amenities include a co mputer lounge, onsite
laundry, gardens for residents to utilize, and
numerous community spaces/lounges for residents
to gather. There is covered parking on the street
level and both buildings have gated parking entries
on Linda Way and from the alley. An owner-
provided flex car is available to accommodate
residents who elect to live a car-free lifestyle.
Residents will also have the opportunity to
participate in the brand new "e.a.t." program, a free
cooking class providing education, access, and
tools for healthy, affordable cooking.
COMPLETED COMMUNITY
C ITY SC [N[
APARTMENTS
Development Information:
Address
4105 Georgia Street
San Diego, CA 92103
31 family units
2 1 bedroom
5 2 bedroom
24 3 bedroom
• 50% -60% San Diego County Area Median
Income
• One 4-Story residential building with two
levels of underground parking
• Parking Allotment: 56 vehicle, 4 motorcycles,
21 bicycle
• 46,276 sq. ft. site
• Density of 78 units per acre
City Scene is a 31 unit affordable development
featuring one, two and three bedroom apartments.
Previously an eye sore containing a semi-built,
failed market rate development, the site was
purchased, redesigned, and the affordable City
Scene was created. The project features a
community room, on site laundry and a large
recreation courtyard with a BBQ for residents.
The new apartments have been built utilizing
green methods and is LEED Gold for homes
certified. Multiple so lar panels line the roof and
there are light wells, open air hallways throughout
and multiple units feature private balconies. The
below grade parking lot features special parking
for those utilizing sustainable driving methods
(such as carpooling, biking and motorcycles). An
award winning community, this high density
project is centrally located and a beautiful addition
to the North Park community.
COMPLETED COMMUNITY
TEN FIFTYII
Development Information
Address
1 050 B Street
San Diego, CA 92101
229 Family Units
68 Studios -459-544 sq. ft.
57 1-Bedrooms-599-715 sq. ft.
32 2-Bedrooms -913-1 , 112 sq. ft.
72 3-Bedrooms -1,338 sq. ft.
• 25% -60% San Diego County Median In-
come
• 22 stories residential over 1 story retail over
3 levels below grade parking -all concrete
• 124 Parking Spaces
Ten Fifty B is a 229 unit, 23-story high rise located at
the entry to downtown San Diego near historic
Balboa Park and City College. This LEED Gold
Certified building is the region's tallest affordable
housing project to date, providing 3-levels of
subterranean parking and ground floor retail hosting
a variety of food and banking services. Ten Fifty B
serves large families, ensuring quality affordable
housing within walking distance to the workplace.
Thoughtful consideration was given to large family
needs in this urban setting. The property offers
tenants an abundance of efficient, sustainable cost
saving amenities. Features include outdoor
recreation areas which serve as a quiet respite from
the bustling city below. Occupying over 7,000 square
feet of outdoor terrace area, Ten Fifty B provides two
tot lots, outdoor BBQ's and a fire pit recreation area,
tree shaded turf areas as well as sunning decks. The
onsite computer lab, community room and laundry
rooms round out services necessary to support large
family needs. Ten Fifty B promises to be the flagship
in affordable housing serving large families in urban,
downtown San Diego.
COMPLETED COMMUNITY
Development Information
Address
767 & 787 North Grant Ave
Manteca, CA 95336
52 Senior units
6 Studios -410-470 sq. ft.
37 1-Bedrooms -550-580 sq. ft.
9 2-Bedrooms -780-840 sq. ft.
• 30% -60% San Joaquin County Area Median
Income
• 2 Stories residential slab on-grade, tuck under
and
• on-grade parking
• 59 Parking Spaces
• 64,041 sq. ft. Site
• 37 Units per Acre
Magnolia Court is a 52-unit affordable senior community
on a 1 .4 acre parcel offering studios, one and two
bedroom apartments. Amenities include a recreation
room, 24n onsite management, laundry facilities, an
ample outdoor garden area, and owner-provided high
speed internet in each unit. A solar water heating system
supplements two ultra-high efficiency hot water heaters
providing water for the entire development, and a
photovoltaic system will supply electricity for most of the
common areas. Magnolia Court is located within walking
distance of grocery, retail, restaurants, medical offices,
entertainment and the local library. Previously an eye
sore, Magnolia Court now has an underground storm
water retention system designed to retain and regulate
discharge of storm water runoff from surrounding
properties. The water is recycled and used to irrigate the
projects landscape. The underground storm water
retention system at Magnolia Court is a creative
engineering solution that facilitated the development of a
much needed affordable housing project in Manteca.
COMPLETED COMMUNITIES
Monte
Vista
Development Information
Address
240740 Jefferson Ave.
Murrieta, CA 92562
40 family units
1 O 1 Bedroom-668 sq. ft.
14 2 bedroom-849 sq. ft.
16 3 bedroom-1 ,068 sq. ft.
• 30%-60% Riversides median income
STU □I □
f f
Development Information
Address
1475 Imperial Ave
San Diego, CA 92101
T
275 single occupancy units
f f N
275 studio apartments-249-395 sq. ft.
• 40% -60% San Diego County median income
fAIRWAYS ~· san antonio court
Development Information
Address
305 San Antonio Court
San Jose, CA 95116
86 Family Units
13 Studios -500 sq. ft.
28 1-Bedrooms -737 sq. ft.
15 2-Bedrooms -922 sq. ft.
30 3-Bedrooms -1338 sq . ft.
• 25% -60% Santa Clara County median income
COMPLETED COMMUNITIES
MAPLE
SQUARE
A P A RrM r:N T •H)M [.'; • l
Development Information
Address
4163 Bain Ave
Fremont, CA 94536
132 studio, one two and three bedroom family units
20% -60% Alameda County Median Income
AUBURN
P · A · R · K
a p a ,. I ,,, ,, ,, I J
Development Information
Address
5135 University Ave
San Diego, CA 92105
69 studio, one, two and three bedroom family units
30% -60 % San Diego County Median Income
Development Information
Address
2029 Cassia Rd
Carlsbad, CA 92009
56 one, two and three bedroom family units
30% -60% San Diego County Median Income
COMPLETED COMMUNITIES
CREEKSIDE TRAILS
Development Information
Address
2129 Coronado Avenue
San Diego, CA 92154
50 one, two bedroom family units
30% -60% San Diego County Median Income
A GLEN
A P A R T M E N T S
Development Information
Address
301 Avian Drive
Vallejo, CA 94590
87 one, two & three bedroom family units
30% -60% Solano County Median Income
Development Information
Address
1150 Tesoro Grove Way
San Diego, CA 92154
106 one, two and three bedroom family units
30% -60 % San Diego County A.M.I.
RENOVATED COMMUNITIES
APAR T M ~N T l-40M~S
Development Information
Address:
46-575 Clinton Street
Indio, CA 92201
144 Family Units
8
80
56
2 Bedrooms-830 SF
3 Bedrooms-1096 SF
4 Bedrooms-1228 SF
• 50-60% Riverside County Area Median Income
• 14 one & two story buildings, wood frame on
grade
• 327 parking spaces
• 413820 sq. ft. site
• 15 units per acre
Development Information
Address:
508 East Mission Ave.
Escondido, CA 92025
61 family units
1 One bedroom
39 Two bedroom
21 Three bedroom
• 35%-60% San Diego County AMI
• 7 two story wood frame at grade, tuck under at
grade parking, sub-level parking surrounding a
shared community space
• 117 parking spaces
• 122,279 sq. ft. site
• 21 units per acre
~~sage ~ointe
a p artme n ts
Development Information:
Address
225 Autumn Drive
40 Family Units
9 1-Bedrooms -685 sq. ft.
31 2-Bedrooms -840 sq. ft.
• 30% -60 % San Diego County
Median Income
• 2 Stories Wood On-Grade
• 77 Parking Spaces
• 2.78 Acre Site
• 14 Units per Acre
RENOVATED COMMUNITIES
ORANGE GARDEN
API\RlMENlS
Development Information
Address
12510 Oak Knoll Road
Poway, CA 92064
52 Apartments
22 1 bedrooms-600-620 sq. ft.
26 2 bedrooms-930-950 sq . ft.
4 3 bedrooms-11 ,00-11 ,90 sq. ft.
• 30%-60% San Diego County Area Median
Income
• 6 two-story and 1 one-story buildings with 80
on grade parking spots
• Parking allotment: 77 standard, 2 HC
accessible, 1 maintenance
• 86,248 sq. ft.
• 26 units per acre
-
DEVELOPMENT CONSULTANTS
At Affirmed Housing we recognize the importance of the development team members
chosen to build a new community. We appreciate a level of trust, hence we have chosen to
work with many of our contractors more than once. A relationship with a contractor can
influence the timeline, look, and the final product of a new building. That is why we are
selective and thorough when we choose our team members.
Architects
• Withee Malcolm Architects
www.witheemalcolm.com
• Studio E Architects
www.studioearchitects.com
• BASIS Architecture
www.basisarch.com
• Architects Orange
www.architectsorange.com
• Carrier Johnson + Culture
www.carrierjohnson.com
• Humphreys & Partners Architects
www.humphreys.com
• Dahlin Group
www.dahlingroup.com
• Rodriguez Associates Architects & Planners
www. ra-architects. net
• Togawa Smith Martin Residential Inc.
www.tsminc.com
• Architects Bundy & Thompson
• MW Steele Group
www.mwsteele.com
• OJK, Architects
www.ojkarch.com
• Killefer Flammang Architects
www.kfalosangeles.com
• KTGY Architecture
www.ktgy.com
-.-··--
-.... -"'I.~--~.,..
General Contractor
• Turner Construction
www.turnerconstruction.com
• Allgire General Contractors
www.allgire.com
• RD Olson Construction
www.rdolson.com
• Wermers Construction
www.wermerscompanies.com
• HA Builders
• Westport Construction, Inc.
www.westportconstructioninc.com
• Walton Construction
www.waltoncs.com
EXCELLENCE
IN PARTNERSHIP
"'-~·-:::·': :.; ..
,'· . .,. •, ~'
•
DEVELOPMENT CONSULTANTS
Civil Engineer
• KPFF Consulting Engineers
www.kpff.com
•
• Kimley & Horn
www.kimley-horn.com
Kettler Leweck Engineering
www.kettlerleweck.com
Latitude 33 Planning and Engineering
latitude33.com
• Masson & Associates
www.masson-assoc.com
• Fuscoe Engineering Inc.
www.fuscoe.com
• RBF Consulting
• The Paul Design Group
• Rick Engineering
www.rickengineering.com
• Wilsey Ham
www.wilseyham.com
• Project Design Consultants
www.projectdesign.com
•
•
Landscape Engineer
• Ivy Landscape Architects
www.ivyla.com
• Land Images
www.landimages.net
• GMP Landscape
gmplandscapingcompany.com
Darsono Design Associates
• Alhambra Group
www.alhambragroup.net
• RGA Landscaping
www.rga-pd.com
• TGP Inc.
www.tgpinc.net
• MWP Peltz
www.mwpeltz.com
• Ripley Design
www.ripleydesign.com
Delorenzo Landscape Architects
www.delorenzo-intl.com
From inception, through development, our design team members are imperative to getting the Job done
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COMPANY PROFILE
James Silverwood, President and CEO supervises and supports the Chief
Financial Officer, Vice President of Development, and Vice President of
Construction at the firm. Mr. Silverwood has over 36 years' experience in
real estate development, in his early years as a general contractor and later
as a developer. Under Mr. Silverwood's direction, Affirmed Housing has
secured over $1 billion dollars in financing and tax credit equity and has
continued to grow in the field of affordable housing by developing innovative
new construction and acquisition / rehabilitation communities across
California. Mr. Silverwood has been active in regional, statewide and
national legislative issues. He has served on numerous Boards and
Committees such as the Board of Directors of the San Diego North County
Building Industry from 1989 to 1992 and California State Treasurer Matt
Fang's Housing Finance Advisory Committee from 1997 to 1998. A past
board member of the San Diego Housing Federation, and LISC, he currently
sits on the Executive Committee and Board of Directors of the California
Housing Consortium. Inducted in 2011 into the California Housing Hall of
Fame, Mr. Silverwood is well known and respected amongst his peers.
Nicki Cometa, Chief Financial Officer, oversees all financial and
accounting aspects of Affirmed. Her responsibilities include the
comprehensive management of project financing, underwriting, due diligence
coordination, lender and investor negotiations, and asset and risk
management. Ms. Cometa also monitors and directs the implementation of
strategic financial business plans. Ms. Cometa brings a wealth of senior
financial management experience to Affirmed Housing Group having worked
over 29 years in the construction and homebuilding industry. She has
worked for both public and private corporations, both large and small with
revenues ranging from $10 million to over $500 million. Ms. Cometa most
recently worked as VP of Finance for Shea Homes, one of the largest
privately held homebuilders in the United States.
Micah Spano, Vice President of Construction, oversees the construction
phase of all of Affirmed's developments. He manages the bid and contract
process as well as the schedules and budgets of multiple projects. Mr.
Spano's responsibilities include design development, permit issuance,
bonding, LEED or other "green" certifications, RFls, change orders and
project 25 years of experience in all aspects of real estate development.
Prior to joining Affirmed Housing Group, Mr. Spano managed the design and
construction of several mid-rise condominium projects in downtown San
Diego and over one million square feet of retail, office and industrial projects
in Southern California. In addition, as the Director of Engineering and
Construction for Halliburton/Brown & Root, he managed the largest U.S.
Government cost-plus contract in the world supplying construction services
to the U.S. military in both Bosnia-Herzegovina and the Republic of Georgia.
Mr. Spano is a licensed general contractor and civil engineer.
Jimmy Silverwood
Vice President of Acquisitions & Finance
james@affirmedhousing.com
Yvonne Decarlo
Director of Design
yvonne@affirmedhousing.com
Helen Crisafi
Controller
helenc@affirmedhousing.com
COMPANY PROFILE
Brendon Bergen,
Vice President of Asset Management,
brendon@affirmedhousing.com
Katelyn Silverwood
Director of Marketing
katelyn@affirmedhousing.com
Mellady Lock
Senior Project Manager
mellody@affirmedhousing.com
AWARD PROJECT
Gold Nugget, Alum Rock
Grand Award 2019
Affordable Housing
Finance, top 50
Affirmed Housing
Development of Eastgate
Distinction
BIA lconAwards Cypress
2018
Gold Nugget Cypress
Grand Award 2018
Gold Nugget Merit Aurora
Award 2018
Gold Nugget Merit Eastgate
Award 2018
City wide procla-Affirmed Housing
mation
Honoree Affirmed Housing
Number25 Affirmed Housing
Gold Nugget Cielo Carmel
Awards 2017
2016 NAHB Pillars Paseo Pointe
Award
2016 BIASC SAGE Vermont Villas
Awards
2016 BIA ICON Paseo Pointe
Awards
2016 Ruby Awards Sonoma Court
Gold Nugget Vermont Villas ·
Awards Grand
Award
Renewable Energy Sonoma Court
Power Awards
AWARDS RECEIVED
CATEGORY
Best supportive transi-
tional-housing on the
boards
Top 50 Developers, num-
ber34
Best in Family Housing
Best affordable project
Best Supportive Transi-
tional Housing
Best Supportive Transi-
tional Housing
Best Affordable Housing
Community-Under 30/du
acre
Affirmed Housing Day
Annual Celebration of
Justice
Top 50 Developers
Best Affordable Housing
Community 60-100 du/
acre
Best Affordable Housing
(less than 100 units)
Seniors Housing Commu-
nity -Assisted Living /
Special Needs / CCRC
Project of the Year: Af-
fordable Housing
Rehab Project of the Year
Senior Housing Commu-
nity, assisted living/ spe-
cial needs/CCRC
Small Community Project
AWARDED BY
2019 PCBC
2019 Affordable Housing Finance
2018 Novogradac
2018 BIA San Diego
2018 Pacific Coast Builders Corporation
2018 Pacific Coast Builders Corporation
2018 Pacific Coast Builders Corporation
2018 San Diego Mayor Kevin Faulconer
2018 Affordable Housing Advocates
2018 Affordable Housing Finance
2017 Pacific Coast Builders Corporation
2016 National Association of Home
Builders
2016 BIA Southern CA
2016 BIA San Diego
2016 San Diego Housing
Federation
2016 Pacific Coast Builders Corporation
2016 Novogradac Journal of Tax Credits