San Rafael, CA (September 20, 2018) – EAH Housing is pleased to announce a new affordable housing development with the purchase of a property at 1445-1453 10th Street in Santa Monica, California. The property is valued at $5.25 million and will be a future site of a 40 unit, four story affordable housing community for seniors. The mixed-use building will feature one-bedroom apartments, community room, covered parking and office space.
“Without a doubt, Santa Monica is one of the most progressive, proactive cities in the U.S. when it comes to affordable housing,” said Welton Jordan, vice president of real estate development at EAH Housing. “Santa Monica realizes that California is facing an immense housing crisis and has developed policies that will eventually help alleviate it on a local level. We are thrilled to have purchased this property and we look forward to working with the City of Santa Monica and its residents.”
Santa Monica will initially provide an acquisition/predevelopment loan for $6,585,000 to cover all acquisition and predevelopment costs, including demolition.
“The City of Santa Monica housing production program is supporting EAH Housing because it has an outstanding reputation of developing and operating quality affordable housing,” said Barbara Collins, housing manager with the City of Santa Monica. “In addition to building a sustainable affordable housing property, they will also offer a variety of services to help Santa Monica senior residents improve their wellbeing and age in place with dignity.”
EAH Housing, a nonprofit organization, is celebrating its 50th anniversary and will continue its mission to develop, manage and promote quality affordable housing and sustainable diverse communities. The organization serves 20,000 people every day – working families, seniors, people with disabilities, and veterans in California and Hawaii.
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 housing, manages more than 110 properties in 55 municipalities in California and Hawaii, and plays a leadership role in local, regional and national housing advocacy efforts.