500 Lake Park Avenue (pictured): Nonprofit developer EAH Housing, Inc. has secured a half acre site in prime Central Oakland for the construction of 54 affordable family homes using Century acquisition financing. The affordability restrictions are weighted towards the deeply affordable with 8 units restricted to 30% of AMI and 11 units restricted to 40% of AMI for an overall affordability of 49%. The property will serve families with studios through 3-bedroom units and 14 units will be supported by a VHHP contract to support veterans’ continuing needs.
Ambrosia Apartments: Developer Skid Row Housing Trust is planning a 101-unit service-enriched development in South Los Angeles with the help of Century acquisition financing. 80 studio units and 20 1-bedroom units will target individuals earning at and below 30%, 40%, 50% and 60% of AMI, with an average affordability of 42%. All studio apartments will be permanent supportive housing receiving Section 8 Project-Based Voucher rental assistance from VASH (Veterans Affairs Supportive Housing), the Housing Authority of the City of Los Angeles (HACLA), or the Los Angeles County Department of Health Services.
Wyandotte Apartments: The Van Nuys neighborhood of Los Angeles will receive 10 new workforce homes thanks in part to a Century construction loan. The development is located less than a mile from the 405 Freeway and within walking distance of the Sepulveda Basin Recreation Area. The property will include 10 3-bedroom/2.5 bathroom townhouse-style units within a 2-story Type V structure over one-story private garages.
750 West San Carlos Street: San José will receive 57 new affordable homes for the homeless and formerly homeless thanks to developer Danco Communities helped by Century acquisition financing, 4% tax credits and a subsidy from the County of Santa Clara bond funds. Six units will be restricted to 30% of AMI, 28 units to 40% of AMI and 22 units to 50% of AMI. The entire property will be supported with a rental assistance contract and offer direct services provided by the Santa Clara County Office of Supportive Services.