Councilman Neal, Long Beach Housing Development Company, Abode Communities Announce $25.8M Renovation of Evergreen Apartments
February 29, 2012 – (RealEstateRama) — Councilmember Steven Neal, 9th District, The Long Beach Housing Development Company (LBHDC) and developer/property manager Abode Communities announced $25.8 million in renovations to Evergreen Apartments, three affordable housing developments with a total of 81 units throughout the City of Long Beach.
While the growing disparity between household incomes and housing cost leaves a demanding need for housing that working people can afford, both Abode Communities and LBHDC continue their work in advocating and supporting the new construction and renovation of quality, affordable homes that promote safe and livable neighborhoods.
“Thanks to LBHDC and Abode Communities, these properties will not only receive a much needed facelift, but will provide secure housing for families while offering residents valuable services,” said Councilmember Neal.
“Through our public-private partnerships we do make significant efforts to improve living conditions for families and provide affordable housing units for Long Beach residents,” said Councilmember Patrick O’Donnell, 4th District.
The sites – The Palm, The Sage and The Jasmine – are located at 1801 E. 68th St., 1823 E. 68th St. and 1528 N. Freeman Ave., respectively.
The properties, originally owned by The Long Beach Housing Development Company, were purchased by Abode Communities in 1999. The major renovation effort will include two new tot lots, new roofs, new landscaping, building façade improvements, new apartment interiors, and high-efficiency mechanical and plumbing. Most notably, two sites will feature expanded and modernized community rooms, and Abode Communities will provide essential basic services to residents at little or no cost.
“We’re excited to bring Abode Communities’ value-added services to these residential communities,” says Robin Hughes, President of Abode Communities.” By repositioning these properties, we are able to enhance our physical asset, extend the affordability of the apartments and bring onsite services to the residents.”
Resident services will include after-school programs; computer training; resource and referrals to healthcare, job training and adult education programs; employment preparation and assistance; financial education; educational workshops; and community outreach events.
Extending the long-term affordability of these properties for a term of 55 years, Evergreen Apartments create safe, healthy and viable neighborhoods. Nearly 180 residents are currently living at the sites, with each household earning between $27,518 and $30,862 or 50 percent to 60 percent of Area Median Income.
The project was financed through a combination of Low Income Housing Tax Credit equity provided by U.S. Bancorp Community Development Corporation, a subsidiary of U.S. Bank; construction and permanent loans from Union Bank; tax exempt bonds issued by California Municipal Finance Authority; HOME Investment Partnership Program funds obtained through The Long Beach Housing Development Company; and a private developer loan to Abode Communities.
About The Long Beach Housing Development Company
The Long Beach Housing Development Company was established by the City of Long Beach in 1989 to assist in the creation and development of affordable housing. The LBHDC’s mission is to provide safe and livable neighborhoods in Long Beach by promoting, developing, and preserving decent, safe and affordable housing for the very low-, low- and moderate-income residents of Long Beach. The LBHDC offers a range of low cost financing, subsidies and other forms of financial assistance to encourage the development of affordable housing that improves the quality of life of the residents it serves. Visit http://www.lbhdc.org /for more information.
About Abode Communities
Abode Communities has been a leader in neighborhood transformation for 44 years, with a mission to open new doors in people’s lives through the creative and responsible design, development and operation of service-enhanced affordable housing. Abode Communities’ specific strength is building sustainable, multifamily affordable housing to address the needs of Southern California’s large workforce, low-income families, seniors and individuals with special needs. The organization owns 35 properties throughout the region that are home to more than 6,100 residents. For more information, please visit www.abodecommunities.org.
Contact:
The Long Beach Housing Development Company, Jacqueline Medina 562.570.3827
jacqueline.medina (at) longbeach (dot) gov
Abode Communities, Megan Folland 310.529.4814
mfolland (at) abodecommunities (dot) org
