Jamboree Helps Fulfill Garden Grove’s Commitment to Better Neighborhoods with Renovation in Buena Clinton Community

Preserving long-term affordability supports commitment to improve community for residents

May 3, 2010 – (RealEstateRama)
WHO:                  Jamboree Housing Corporation, a leading nonprofit housing developer in CA

WHAT:             Renovation Kick-off Celebration
Interviews and Photo Opportunities
Participants
Local dignitaries: Mayor William Dalton, City of Garden Grove; Members of the Garden Grove City

Council; Chief Joseph Polisar, Garden Grove Police Department

Jamboree Housing Corporation: Laura Archuleta, President
Partnership Representatives: City of Garden Grove; Union Bank; Gala Construction, and The John

Stewart Company

WHEN:                 Tuesday, May 11, 2010
4:30 to 5:30 p.m. (refreshments will be served)

WHERE:                 Grove Park
12602 Morningside Avenue, Garden Grove, CA  92843

WHY:                   Garden Grove’s Buena Clinton neighborhood is part of an overall redevelopment plan that spans more than two decades and reflects the City’s ongoing commitment to improve the communities of its residents. Once known for having one of the highest crime rates in Orange County, this extensive redevelopment has played a significant part in reducing crime, and improving stability. Grove Park is a large-scale acquisition/rehabilitation of an existing 104-unit apartment community comprised of 13 eight-plexes. The affordability period for this development – previously a tax credit project – expired in 2004, placing the property at risk of losing its affordability restrictions with a market-rate conversion. Jamboree is partnering with the City of Garden Grove and the Garden Grove Housing Authority to provide a financing structure to acquire and rehabilitate the properties, and most importantly, ensure long-term affordability.

Jamboree recognizes that affordable workforce housing creates a significant ripple effect in the community in three distinct ways. It creates jobs, raising the standard of living among residents. For example, Grove Park will generate in the first year 40 local jobs, $2.9 million in local income and more than $386,000 in taxes and other revenue for local government, and on an annual, ongoing basis 29 local jobs, $2 million in local income and more than $396,000 in taxes and other revenue for local government. [Housing Policy Department, National Association of Home Builders, 2007/2008]

Quality housing people can afford also provides supportive housing for seniors and those with special needs as residents thrive in the safety of stable housing. Additionally, workforce housing promotes healthy living, reducing commutes and providing safe outdoor areas for recreation and exercise. Decent, affordable housing is also inextricably linked with classroom success, and improved housing has shown to be one of the most cost-effective, positive impacts on education. Combined, these outcomes help build stronger communities, supporting the fundamental commitment of cities such as Garden Grove.

The Garden Grove Unified School District’s goal is to ensure that all students have the opportunity, upon leaving high school, to choose from a wide variety of options including four-year colleges and universities, technical education, or a skilled career. Clinton Mendenhall Elementary School is ½ mile from the properties and Dr. Leroy Doig Intermediate School, Santiago High School and Santa Ana College are within a mile of the community.

HOW:               Jamboree is set to begin renovation of Grove Park to provide safe, decent workforce housing to families who earn between 30% and 60% of the area median income by elevating the quality of the complex and preserving unit affordability. For example, a family of four earning $46,500 (50% of area median income) will pay about $1,141/month in rent for their three-bedroom home.

The rehabilitation of this property will include green features such as natural linoleum in all kitchens and bathrooms (without VOC adhesives), CRI Green Label carpet, materials for cabinets, countertops, and shelving that is free of padded formaldehyde, and all wall, ceiling and floor penetrations will be sealed with laminates and/or a low VOC primer or sealant.

In its commitment to build communities that provide opportunities and resources for residents, Jamboree’s Housing with HEART (Helping Educate, Activate and Respond Together) will offer free resident services and programs tailored to meet the unique needs of Grove Park’s residents and their families at the newly constructed neighborhood Buena Clinton Youth and Family Center that’s nearing completion in June. Through collaborative partnership, Jamboree’s onsite program coordinator will provide services that will expand the capacity and range of existing programs and assist residents in accessing the extensive network of local community services already in place. These programs include activities such as homework assistance and tutoring for young people plus community-building activities for all residents.

Grove Park will be the fourth property Jamboree owns and operates in the City of Garden Grove, bringing the total number to 162 homes.

• Rose Crest Apartment Homes at 11681 Stuart Drive is a 32-unit apartment community that’s 2.5 miles from Grove Park

• Briar Crest Apartment Homes at 11762 Stuart Drive is a 10-unit apartment community that’s 2.5 miles from Grove Park

• Sunswept Apartment Homes at 12682 Sunswept Drive is a 16-unit apartment community about one block from Grove Park (located between Keel and Morningside Avenues)

The renovation is slated for completion in February 2011.

Grove Park Fact Sheet is available upon request.

ABOUT             Founded in 1990, Jamboree Housing Corporation is an award-winning, broad-based nonprofit housing

JAMBOREE:     development company that develops, acquires, renovates and manages permanently affordable rental and ownership housing for lower-income families and seniors throughout California. Housing with HEART (Helping Educate, Activate and Respond Together) is a 150 (c)(3) organization and Jamboree’s resident services group. A year-long commemoration of Jamboree’s 20th anniversary celebrates the ripple effect of providing high quality workforce housing that generates more jobs, creates supportive housing for seniors and those with special needs, promotes healthy living and builds stronger communities. A leading nonprofit developer, Jamboree’s portfolio includes the development of and/or ownership interest in more than 6,500 affordable rental apartment homes in more than 55 California communities. Housing with HEART (Helping Educate, Activate and Respond Together) is a 501 (c)(3) organization and a division of Jamboree Housing Corporation. Currently, Housing with HEART programs and services are offered at 31 Jamboree communities with designated staff at each location. More information is available at www.jamboreehousing.com.

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