JAMBOREE HOUSING CORPORATION TO BREAK GROUND ON NEW WORKFORCE HOUSING NEIGHBORHOOD IN CITY OF BREA, CA

Green, Quality Design Underscores City’s Commitment to Community Values

Brea, CA – November 22, 2010 – (RealEstateRama) — Jamboree Housing Corporation announced today that it is breaking ground on the development of Bonterra Apartment Homes, a new neighborhood in Brea, CA, that will provide workforce housing for families who earn between 30% and 60% of the Area Median Income (AMI). The official Ground Breaking is Wednesday, December 1 from 11:00 a.m. to 12:30 p.m. Program participants include Mayor Ron Garcia and City Councilmembers, Jamboree executives and partnership representatives. Interview and photo opportunities are available.

Bonterra will consist of 94 garden-style apartment homes within the new Blackstone master-planned community, currently under development by Shea Homes and Standard Pacific Homes. The new property encompasses seven three-story buildings arranged around central courtyards and are linked by tree-lined pedestrian friendly landscaped walks. It will provide 21 one-bedroom, 34 two-bedroom, and 39 three-bedroom apartments. The Spanish influenced architecture features tuck-under garages for each apartment along with additional surface parking areas for residents and guests. Completion is scheduled for Fall 2011.

“The City of Brea is excited to partner with Jamboree to bring an attractive and well-planned housing development to an important master development site,” said Eric Nicoll, Brea’s Community Development Director. “We are very careful in choosing partners that reflect a high level of sensitivity to community values and Jamboree supports these values. Bonterra will provide new apartment housing for Brea’s workforce, estimated at 7,500 workers within 1.5 miles of the site. The master developers, Shea Homes and Standard Pacific Homes, have shown leadership by seamlessly integrating the Jamboree workforce housing development with other housing choices in the community and we look forward to seeing these new neighborhoods developing soon.”

One of California’s largest active affordable housing developers, Jamboree has worked closely with Brea Redevelopment Agency, Orange County Housing and Community Services, California’s Department of Housing and Community Development, the California Tax Credit Allocation Committee (TCAC), Bank of America, and Merritt Capital to bring this new neighborhood from planning to reality, according to Laura Archuleta, Jamboree’s president. As a critical component of the Blackstone master plan, Jamboree’s workforce housing component is being built as a requirement of Tonner Hills’ Affordable Housing Implementation Agreement with the City of Brea.

“This new neighborhood is an important addition to Brea’s workforce housing program and it also provides the affordable housing necessary for the master developer to meet its affordable housing obligation to the city and county as part of the Tonner Hills Development Agreement,” Archuleta said. “Securing all necessary approvals and preparing the site for development has been a long and challenging process that is now complete. This is what public/private partnerships are all about and we are pleased to provide affordable workforce housing for the City of Brea and the Blackstone master-planned community.”

Formerly owned by Nuevo Energy, this 800-acree master plan area is located along the 57 Freeway that runs through the property. The Blackstone community master plan will include seven new neighborhoods, a new city sports park, and extensive preserved open space.

The newest workforce housing community to be built in Orange County, Bonterra is designed to include a 3,500 square-foot community recreation center for use by Jamboree residents as well as landscaped community spaces for outdoor recreation. The building amenities include property management offices and classroom space designed for resident services to be provided by Housing with HEART, Jamboree’s nonprofit resident services group. Additional amenities include community meeting rooms, a computer lab, a swimming pool with patio area, a tot lot, barbecue/picnic areas, and a central laundry facility. Each apartment home will feature ENERGY STAR appliances.

The property is designed to achieve a LEED (Leadership in Energy & Environmental Design) certified Silver rating. The LEED Green Building Rating System is the nationally accepted benchmark for the design, construction, and operation of high-performance green buildings. LEED promotes a whole-building approach to sustainability by recognizing performance in five key areas of human and environmental health: sustainable site development, water savings, energy efficiency, materials selection and indoor environmental quality.

Michael Massie, Jamboree’s housing development manager, pointed out that the Blackstone community is ideally situated for residents living in the new Bonterra community as it is located near major retail, entertainment and employment centers.

Residents will also have exceptional views of surrounding cityscape and open space including the future Wildcatter Park located across the street from the neighborhood. A central landscaped paseo connects the neighborhood’s residential buildings and community center to the main thoroughfare, Santa Fe Road.

Financing for development of the new Jamboree community consists of funds from tax exempt bonds, California Tax Credit Allocation Committee (TCAC) four percent federal tax credits syndicated by Merritt Community Capital Corporation, a $14 million construction loan and a $4 million permanent loan from Bank of America, construction and permanent financing from the City of Brea totaling $1.2 million, and a County of Orange permanent loan of $4 million including $2 million in HOME funds that was funded at start of construction. Financing also consists of Multifamily Housing Program (MHP) funds of $7.7 million from California’s Department of Housing & Community Development (HCD), and American Recovery & Reinvestment Act (ARRA) funds of $7.8 million as a bridge loan to guarantee HCD’s permanent loan commitment.

KTGY Group, Inc. of Irvine, CA is the architect of Jamboree’s new neighborhood and Advent Companies of Mission Viejo, CA is the general contractor.
Property Fact Sheet and Rendering available upon request.

About Jamboree
Celebrating 20 years, Irvine, CA-headquartered Jamboree Housing Corporation is an award-winning, broad-based, nonprofit housing development company that develops, acquires, renovates and manages permanently affordable rental and ownership housing throughout California for working families, seniors and people with special needs. Housing with HEART is a 501(c)(3) organization and Jamboree’s resident services group. A year-long commemoration of Jamboree’s 20th elevates the ripple effect of providing high quality affordable 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 currently has about $250 million in affordable housing projects in its development pipeline. Its $1 billion asset portfolio includes the development of and/or ownership interest in more than 6,000 homes in more than 56 California communities. Currently, Housing with HEART programs and services that foster learning, health and community building are offered at 38 Jamboree communities with designated staff at each location. For more information, go to www.jamboreehousing.com.