JAMBOREE HOUSING CORPORATION TO OPEN GREENLEAF IN ANAHEIM, IT’S NEWEST AFFORDABLE HOUSING COMMUNITY FOR WORKING FAMILIES

Anaheim, CA – November 2, 2010 – (RealEstateRama) — Jamboree Housing Corporation, a leading developer of affordable housing in California, announced today the grand opening of Greenleaf Family Apartments in Anaheim, CA on Tuesday, November 8, 2010 from 11:00 a.m. to 12:00 p.m. Program participants include Mayor Curt Pringle and City Councilmembers, Jamboree executives, partnership representatives and the Anaheim After-School Players, a group of students from Jamboree’s two other Anaheim properties, who will give a special welcome to their newest neighbors. Interview and photo opportunities are available.

Designed for families who earn between 30% to 60% of area median income (AMI), Greenleaf was completed 60 days ahead of schedule and is 100% leased with rents ranging from approximately $500 to $1,400 for the one-, two- and three-bedroom apartments.

Located at 2048 W. Greenleaf Avenue, near Interstate 5 (I-5), Greenleaf is the third affordable housing community on which the City of Anaheim and Anaheim Redevelopment Agency have partnered with Jamboree. The development site, originally a freeway remnant parcel owned by Orange County Transit Authority (OCTA), has been redeveloped into a new affordable housing community. The other two properties, Monarch Pointe and Diamond Apartment Homes, were also developed from remnant parcels along the Interstate 5 freeway expansion project.

“Greenleaf is a great example of an infill project that complements the surrounding neighborhoods,” says Lisa Stipkovich, executive director of the Anaheim Redevelopment Agency. “Jamboree did a great job.”

At the intersection of Greenleaf and Glenoaks Avenues, Greenleaf consists of 20 garden-style apartments within two residential buildings and a separate 1,786 square-foot recreation center that includes resident meeting space, a computer lab, tutoring center, and a property management office. The unit mix consists of six one-bedroom, eight two-bedroom, and six three-bedroom apartments ranging in size from approximately 743 to 1,304 square feet.

“The development of Greenleaf is a great example of a successful public/private partnership between the Anaheim Redevelopment Agency, the City of Anaheim and Jamboree,” said Laura Archuleta, president of Jamboree, one of California’s largest active affordable housing developers. “Not only does this new community provide quality affordable housing for working families, but it is built on an urban infill site that would otherwise sit empty. I can’t think of a better use for this land.” A key source of funding for Greenleaf is Enterprise Community Partners, Inc., and its affiliated companies, Enterprise Community Investment and Enterprise Community Loan Fund.

Enterprise served as the tax credit equity investor in Greenleaf and has also been an investor in three other Jamboree communities – Monarch Pointe in Anaheim, CA, Camden Place in La Palma, CA and Laurel Crest in Lancaster, CA.

In addition to the $4.4 million Low-Income Housing Tax-Credit (LIHTC) equity investment from Enterprise, other permanent funding sources include a $600,000 permanent loan from US Bank, a land lease from Anaheim Redevelopment Agency valued at $2.2 million, and $680,000 in  combined loans and fee waivers provided by the City of Anaheim and the Anaheim Redevelopment Agency.

In keeping with Jamboree’s commitment to sustainability, the new community features solar panels and solar tube skylights to reduce electric usage in common areas such as the community room; CRI green label carpeting; low VOC adhesives, and ENERGY STAR appliances. Other community features include a tot lot, laundry room, barbecue/picnic areas, and convenient surface parking for residents and guests.

Resident services will be provided to Greenleaf residents by Jamboree’s resident services group, Housing with HEART. Offered at more than 38 of Jamboree’s properties, Housing with HEART’s onsite resident services coordinator will provide resident services tailored to the specific needs of Greenleaf residents that foster learning, health, and community building to enrich their quality of life. In fact, plans are already under way to provide programs and services that are coordinated with Jamboree’s other two Anaheim properties. For example, families at Greenleaf will be able to take advantage of the pool at Monarch Pointe and activities that involve residents from all three properties are slated for the holiday season. This approach is integral to Jamboree’s philosophy to build stronger communities.

Advent Design Group provided Greenleaf’s architectural design and Advent Companies served as the General Contractor, both of Mission Viejo, CA.

About Jamboree
Celebrating 20 years, Irvine, CA-headquartered Jamboree Housing Corporation is an award-winning, broadbased, 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.

MEDIA CONTACTS
Eren Diaz | 949.387.7939 | eren (at) thinkinbig (dot) com
Christine Rombouts | 949.631.1557 | crombouts (at) ca.rr (dot) com
Day of Grand Opening | 949.510.1770 [Lorraine O’Keefe]