Construction Begins as Affordable Housing is Deemed an Essential Business
During the Global Pandemic
Santa Monica, CA (April 1, 2020) – Today, EAH Housing announced the close of construction financing for Magnolia Villas, an affordable housing rental community for low-income seniors. The new development will be located at 1445-1453 10th Street and consist of 40 apartments.
Deemed an essential business by , construction began soon after the deal closed, making Magnolia Villas the second affordable housing development from EAH Housing to start construction in Southern California in less than a year. EAH worked closely with the City of Santa Monica, which provided the property acquisition and construction financing.
“Our staff made extraordinary efforts to help EAH Housing complete documents securing the difficult and ephemeral funding and tax credits needed to build affordable housing, beating the deadlines even in the middle of a public health crisis,” said Kevin McKeown, mayor of Santa Monica. “That means EAH gets a quick start on housing 39 low-income senior households in mid-city Santa Monica, exactly the sort of transit-adjacent and needs-targeted affordable housing our community wants.”
The four-story building will provide 39 one-bedroom apartments for seniors below or at 60% of the area median income (AMI), with a preference for seniors already living or working in Santa Monica. Rents are expected to range from $548 – $1,136. It will also have a community room with a kitchen, laundry, property management services and bicycle storage. One apartment will be a two-bedroom unit for the onsite resident manager.
“The City of Santa Monica’s commitment to creating affordable housing for its residents is evident by their responsiveness and the incredible effort they made in order to close financing during these tumultuous times,” said Laura Hall, president and chief executive officer of EAH Housing. “Magnolia Villas will enable seniors to age in place and provide a quality home to one of our most vulnerable populations, many of whom are facing uncertain futures due to skyrocketing rents, rising healthcare costs, and increases in the cost of living.”
Magnolia Villas is funded in part by the City of Santa Monica with conventional debt and tax credit equity by Bank of America.
About EAH Housing
Established in 1968, EAH Housing is one of the largest and most respected nonprofit housing development and management organizations in the western United States. EAH develops low-income multifamily housing, manages more than 185 properties in 75 municipalities in California and Hawaii, and plays a leadership role in local, regional and national housing advocacy efforts.