San Rafael, Calif. (February 15, 2022) – EAH Housing, an affordable housing nonprofit organization, announced today that it has received more than $105 million in funding for the construction of four of its new affordable housing developments since the start of 2022. These new developments are located throughout California, including the San Francisco Bay Area, Sacramento, Los Angeles, and Imperial County.
“This funding helps address the dire need in California to build more affordable housing everywhere and for everyone, especially our working families, aging seniors and formerly unhoused people,” said Laura Hall, president and chief executive officer at EAH Housing. “Having quality affordable housing, reliable transportation and the ability to age in place are inextricably linked.”
Two future senior housing developments were recently awarded more than $56 million from California Department of Housing and Community Development (HCD) Housing Accelerator program.
Imperial Senior Apartments, a senior housing community in Imperial, was awarded $15,631,122. It will provide 68 one-bedroom apartment homes to low-income seniors with rents in the 30-60% AMI range for Imperial County.
Mission Paradise, a senior housing community in Hayward, received a reservation of $41,235,904. This affordable housing community will feature 76 one- and two-bedroom apartments with rents in the 20-80% Area Median Income (AMI) range for Alameda County.
“We are grateful to California Senator Bob Wieckowski, a member of the state’s Senate Housing Committee, who urged HCD to support the funding for developing more affordable housing, including Mission Paradise.” added Hall. “Mission Paradise will provide very low- and low-income seniors a quality apartment and the peace of mind that comes with knowing you have a place to call home.”
Construction for both senior housing developments is expected to begin later this year.
“When we launched the California Housing Accelerator, we had clear objectives – eliminate the backlog of projects standing in long lines for tax credits and bonds, bring affordable housing to communities in need, and reduce the amount of time and money involved to make these homes available,” said Gustavo Velasquez, executive director of California Department of Housing and Community Development (HCD). “We are pleased to partner with EAH Housing to accelerate this much needed housing.”
Earlier this year, EAH Housing was awarded $49 million in funding for two new developments from California Strategic Growth Council’s Affordable Housing and Sustainable Communities (AHSC) program.
On Broadway, an upcoming multifamily and mixed-use affordable housing development in Sacramento, was awarded $29 million in housing and transit improvement funding. The community will feature 140 units, including one-, two-, and three-bedroom apartments. The rents will range from 30-60% Area Median Income (AMI) for Sacramento. This funding includes $10.5 million for the local transit system to expand the Altamont Corridor Express commuter rail into Midtown Sacramento, as well as other bike and pedestrian improvements.
EAH Housing is partnering with Innovative Housing Opportunities (IHO) to develop 87th and Western, a 160-unit multifamily affordable housing development in Los Angeles. It was awarded $20 million in housing funding. The rents will range from 30-60% Area Median Income (AMI) for Los Angeles. The funding also provides $9,621,000 for transportation as well as other bike and pedestrian improvements.
Construction for On Broadway and 87th and Western is expected to begin in 2023.
“The year is off to a strong start, in part due to the hard work, commitment, and dedication of our staff,” said Welton Jordan, chief real estate development officer at EAH Housing. “Being awarded more than $105 million in less than six weeks helps create more momentum as we strive to move forward on our organization’s $1.8 billion new construction pipeline.”
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 222 properties in 78 municipalities in California and Hawaii, and plays a leadership role in local, regional, and national housing advocacy efforts.