California
Standard Communities Leads Public-Private Partnership Creating 357 Units
Standard Communities announced it has led a public-private partnership that acquired Union South Bay Apartments, a 357-unit community in Carson, CA. Standard said it utilized California’s innovative public-private partnership structure designed to facilitate the creation of middle-income housing.
Comments on California’s MHP Guidelines Due Aug. 6
The California Department of Housing and Community Development (HCD) is seeking feedback on its Multifamily Housing Program (MHP) Draft Guidelines and Statement of Reasons. Comments should be sent by August 6 via this form. The 2022 MHP Guidelines will apply, in large part, to all HCD multifamily development programs. With the MHP Guidelines as the cornerstone, HCD will simplify several programs into one funding opportunity–the Super NOFA–and application process.
California 2021-2022 Budget Includes $5 Billion for Affordable Housing
Governor Gavin Newsom (D) recently approved California’s 2021-2022 budget, which includes the following investments in affordable housing:
California Extends Eviction Moratorium Through Sept. 31, Will Pay All Past Due Rent
A bill recently approved by California legislature and Governor Gavin Newsom (D) extends the state’s eviction moratorium through the end of September and will pay off 100 percent of all past due rent from April 2020 through September 30, 2021 for tenants making less than 80 percent of the area median income. The state will also assist with unpaid utility bills.
Standard Companies Converts 143-Unit Conventional Multifamily Housing into Affordable
The California Statewide Communities Development Authority (CSCDA) has acquired The Link apartments in Glendale. The acquisition was a public-private collaboration among Standard Communities, CSCDA’s Community Improvement Authority, Stifel Nicolaus & Company, Faring and the city of Glendale.
Standard Communities Leads Public-Private Partnership Creating 143 Units
Standard Communities announced it has led a public-private partnership that acquired The Link Apartments, a 143-unit community in Glendale, CA, using California’s innovative public-private partnership structure designed to facilitate the creation of middle-income housing.
Comments on California’s MPH Draft Guidelines Due August 6
The California Department of Housing and Community Development (HCD) is seeking comments on its multifamily housing program (MHP) draft guidelines. The final 2022 MHP Guidelines will apply, in large part, to all HCD multifamily development programs.
California Updates 2021 Credit Estimates
The California tax Credit Allocation Committee updated its 2021 credit estimates. The new estimates include the county allocations for the federal disaster credits.
Nixon Peabody Advises Joint Venture on California’s First RAD for PRAC
Nixon Peabody LLP announced it recently advised St. Stephens Retirement Center, Inc., and CRP Affordable Housing and Community Development LLC on a complex financing transaction and status conversion that will provide decades of financial certainty, as well as funding to rehabilitate the property.
California Updates Nine Percent Application
The California Tax Credit Allocation Committee updated its nine percent LIHTC application for the second competitive round
Merritt Community Capital Closes Fund XXII, its Biggest to Date
Merritt Community Capital said it has closed the first round for Fund XXII, so far raising $102 million that will finance nine projects and create 452 affordable homes across California.
Hunt Closes on $8.5 Million Financing in California
Hunt Capital Partners announced that it and developer D.L. Horn and Associates have closed on more than $8.5 million in federal Low Income Housing Tax Credit equity financing for the acquisition and rehabilitation of 163 units of affordable multifamily housing in Palm Desert.