OAKLAND, Calif., May 11, 2011 /PRNewswire/ -- Affordable Housing Associates (AHA), Enterprise, city and county officials and residents today celebrated the reopening of 401 Fairmont, in Oakland. Originally built in 1960, the mid-rise apartment building underwent extensive rehabilitation to create 31 one- and two- bedroom energy-efficient apartments for residents with low-incomes, including the formerly homeless with severe mental illness and persons living with HIV/AIDS. On-site services are available for residents with special needs.
"When we purchased this property in 2007, we had no idea the financial melt down was just around the corner and would put this project and others like it in danger of never coming to fruition," said Susan Friedland, executive director, AHA. "Thanks to the Tax Credit Assistance Program and Enterprise, our strong financial partner and investor, we were able to acquire and renovate this property so the families and individuals in need would have a healthy and service-enriched place to call home."
The Tax Credit Assistance Program (TCAP) was created to provide funds directly to state housing finance agencies (HFAs) for developers who were having difficulties financing properties that had been awarded low income housing tax credits (LIHTC) in 2007, 2008 or 2009. The state of California received the largest allotment of TCAP funding with more than $325 million.
"As we celebrate Affordable Housing Week in the Bay Area, it's important to take note of all the developers, funders, investors and building trades who are committed to making sure that our neighborhoods have affordable housing," said Rich Gross, vice president and Northern California market leader, Enterprise Community Partners. "It is extremely gratifying to work with developers such as AHA who are consistently creating strong environments to help families move up and out of poverty."
Originally a 35 unit apartment building, AHA scaled down the number of apartments to 31 to accommodate the greater spatial needs for family-oriented units and to allow for a new community room and manager's office. During the renovation, energy-efficient components were included in the apartments and in common areas. As a result of AHA's commitment to green building, 401 Fairmount is part of the Build it Green for Existing Multifamily pilot program, and received funding through Enterprise Green Communities to help with its efforts.
The total cost of the project was $11.5 million. Enterprise Community Investment was the tax credit syndicator for the property with construction and permanent financing provided by Wells Fargo. Additional financing was supplied by the City of Oakland, the Mental Health Services Act and Alameda County. Low Income Investment Fund and Northern California Community Loan Fund supplied the acquisition financing, and the Oakland Housing Authority provided rental assistance.
Enterprise is a leading provider of the development capital and expertise it takes to create decent, affordable homes and rebuild communities. For nearly 30 years, Enterprise has introduced neighborhood solutions through public-private partnerships with financial institutions, governments, community organizations and others that share our vision. Enterprise has raised and invested $10.6 billion in equity, grants and loans to help build or preserve more than 270,000 affordable rental and for-sale homes to create vital communities. Visit www.enterprisecommunity.org and www.enterprisecommunity.com to learn more about Enterprise's efforts to build communities and opportunity.
Affordable Housing Associates (AHA) is a private, non-profit 501(c)(3) corporation that has developed almost 900 units of family, senior, and special needs housing since it was incorporated in 1993. AHA's mission is to strengthen the lives of individuals, families, and communities through affordable housing. AHA actively seeks input from the communities in which it works; is committed to green building techniques and infill development; and supports economic development through local hiring and procurement.
Affordable Housing Associates, 1250 Addison St., Berkeley CA 94702, www.ahainc.org.
SOURCE Enterprise Community Partners, Inc.
