High Place West Apartments Will Provide Critical Housing for Low-Income Families Earning 35% to 60% AMI
SANTA MONICA, CA – November 15, 2011 – (RealEstateRama) — Enterprise Community Investment, Inc. (Enterprise) today announced it has closed an $8.3 million Low Income Housing Tax Credit (Housing Credit) syndication deal to help Community Corporation of Santa Monica (CCSM) build High Place West Apartments, which will offer 47 units of affordable housing. High Place West will enable families earning 35 percent to 60 percent of area median income to live in the 32 two-bedroom and 15 three-bedroom apartments in a three-story building.
“Every family deserves to live in a safe and healthy affordable home, and High Place West will ensure that 47 families have one,” said Jeffrey Schaffer, vice president and Southern California market leader at Enterprise. “We are proud to have syndicated $8.3 million in Housing Credits for this deal as it provides a level of affordability much needed in highly-desirable Santa Monica.”
In addition to Enterprise’s Housing Credit, CCSM has received financing for High Place West from the California Community Reinvestment Corporation, the California Department of Housing and Community Development Multifamily Housing Program and the city of Santa Monica. Additional financial support was supplied by Citibank, N.A. and the California Statewide Communities Development Authority.
“Building affordable housing is never easy, but it’s especially challenging in the current economic environment,” said Raoul Moore, senior vice president of Tax Credit Syndication at Enterprise. “The Housing Credit is the single largest provider of affordable housing and enables developments like High Place West to obtain the critical financing it needs to become a reality.”
High Place West will include a number of green features such as Energy Star rated appliances, heating systems, windows and doors, low-VOC paint and low-flow fixtures. As required of all California new construction, it will be 15 percent better than the current Energy Efficient Standards. In addition, the complex will feature a community room, a subterranean garage with 80 parking spaces, and a part-time resident services coordinator. Construction began in late October.
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 $11 billion in equity, grants and loans to help build or preserve more than 280,000 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.