Six years ago, Los Angeles had $108 million to spend in its affordable housing trust fund. This year, that amount fell to about $26 million. The city housing department estimates that the difference in funding levels would subsidize more than 1,300 affordable units. The money helps offset costs so developers can offer cheaper rents.
Several things have contributed to the drop: Federal funding was slashed. Redevelopment agencies that poured property tax money into affordable housing were dissolved.
City Council members Mitch O’Farrell and Gil Cedillo want the city to draw on some of the tax money that previously went to redevelopment agencies to help build more affordable housing. Other California cities and counties are already doing so, including San Francisco and Los Angeles County.
– LA Times
Despite the Bay Area’s robust housing recovery, the East Bay communities of Vallejo, Antioch and Richmond are among the nation’s 100 cities with the highest percentages of underwater mortgages, according to a report released Thursday.
“While we talk about recovery, a large part of the country is not only not recovering, it is largely being ignored,” said John A. Powell, a law professor and director of the Haas Institute.
“They are disproportionately black and Latino communities. It affects not just homeowners, but cities and states,” Powell said. “In places like Richmond and Vallejo, cities can’t function.”
– Mercury News
Raymond James Tax Credit Funds (RJTCF) completed syndication of a $72.5 million low-income housing tax credit (LIHTC) fund that will finance the construction or rehabilitation of affordable housing throughout California. As reported by ApartmentFinance.com, the Raymond James California Housing Opportunities Fund III was fully subscribed with 10 investors.
Phoenix Realty Group acquired 432 mixed income units across in the Inland Empire. The units were an REO that were stabilized by Coastline Real Estate Advisors over the last twelve months. With occupancy levels pushed to 95%, the lender was able to turn the assets around into a $21.5 million purchase price. From Multi-Housing News:
“A year ago, these properties were in poor shape due to low occupancies largely driven by poor management and a lack of maintenance,” says Edward Ratinoff, Phoenix Realty Group’s managing director of national acquisitions. “But aggressive management and capital improvements restored these properties into the type of middle-market, family-friendly apartments that our institutional real estate funds target. The improved conditions allowed us to obtain attractive financing from Freddie Mac.”
Craig Adelman, formerly SF’s Deputy Director of Housing, has a new job at AMCAL. Adelman will lead the new San Francisco office of AMCAL Multi-Housing and will oversee all AMCAL development activities in Northern California. In Adelman’s role with former Mayor Newsom’s Office of Housing, he helped develop housing policy at the federal, state, and local levels, including the implementation of HOPE SF. HOPE SF is San Francisco’s attempt at creating a local version of the federal HOPE VI program.
AMCAL has been active in Northern California, completing two developments: Brookfield Place in Oakland, and Sommerset Place in Sacramento. Since 1995, AMCAL has completed 38 communities with 3,477 units, valued at $640 million dollars.
Senior Project Manager, Step Up on Second, Santa Monica, CA
The Senior Project Manager is responsible for real estate activities related to the acquisition and development of affordable and market rate housing. Our ideal candidate is a bright, self starter who is charmingly persuasive, communicating with integrity and enthusiasm. The Senior Project Manager will be responsible for all activities related to the development of 2-4 affordable multifamily housing developments with the support of an additional project manager.
A great opportunity to work with an organization that is pushing the boundaries of affordable housing development. Step Up on Second’s Step Up on Fifth housing development won a 2011 AIA Council on the Environment award and a 2010 AIA Honor Award – their COTE award was the only one given to an affordable housing project.
Our job board has more great affordable housing jobs. See if there’s one for you.
Robin Mahapatra has joined Nixon Peabody’s (@nixonpeabodyllp) tax credit finance practice. Mahapatra joins as an associate in Nixon’s Los Angeles office. Mahapatra, who was previously with Mahapatra Law, earned a JD at the University of Southern California and an LLM in taxation at New York University School of Law.
Century Housing has become the first non-depository CDFI member of FHLBank San Francisco. The move is a big one for Century Housing which can now access bank services and products normally unavailable to CDFIs. The membership is part of a big year for Century Housing, coming on top of the $5 million funding from the CDFI Fund’s Capital Magnet Fund last year. Over the past 12 months, Century provided developers with $21.3 million in loans to create or preserve nearly 496 affordable homes across California. Said Century Housing in press release:
"Membership in the FHLBank San Francisco gives Century unprecedented access to unique bank services and products that are normally unavailable to CDFIs," said Ron Griffith, President and CEO, Century Housing. "As the economy recovers there is a much greater demand for affordable housing. The lending capital that FHLBank San Francisco can provide will help Century finance a wide variety of developments throughout the state that will create hundreds of quality affordable homes for Californians."
With greenfield spaces become scarce, adaptive reuse is now a critical need. These projects require less energy to build, reduce construction materials and disposal costs, and – when done right – enhance the existing character of the neighborhood. Buildipedia looks at 4th + Linden, an adaptive reuse project in Long Beach, to see how the architects leveraged existing assets to turn what was a source of blight in the community into one of the pillars of the district’s revitalization. From Buildipedia:
Beyond the specific green design elements employed within the space, 4th + Linden focused on street level quality as a way of engaging the community. Pullman explains, “We had to create new storefronts and windows, to give it a street presence. We were able to take one building and totally convert it and make it a really beautiful spot for this art store. We created a little courtyard in the front that before was essentially just a blank wall, for the tenants to come together and interact with each other, creating a sense of community in the project.” The casual throwing around of buzzwords like “walkability” can dilute our appreciation of the concept, but seeing it work firsthand can be poignant and inspiring. Pullman explained that the adaptation of the warehouse was one of the things that led to the city extending a pedestrian street life program on Fourth Street, and more creative businesses have moved nearby as a result, including a record store and a coffee shop.
Affordable Housing and/or Homelessness Associates, Training & Development Associates, Inc., positions available across the country.
TDA, Inc. (www.tdainc.org) – a national government contractor that provides community development training and technical assistance to federal, state and local governments nationwide – is seeking junior and senior-level affordable housing and/or homelessness consultants. These positions will support TDA, Inc. in the following ways:
– Design and deliver workshops, clinics, conferences, facilitations, and other training courses related to affordable housing and homelessness, cross-cutting federal requirements, and program operations
– Undertake assessments, surveys, and discussions to identify barriers to program performance and provide recommendations for improvement, training, and/or technical assistance to address deficiencies
– Prepare written documents in response to training and technical assistance assignments including slide presentations, lectures, exercises, case studies, checklists, flowcharts, reports, guidebooks, policies, procedures, plans, and other materials
See our job board for more great affordable housing jobs. With hundreds of openings, perhaps there’s a right job for you.