Renovation of Three Housing Developments Opens New Doors for 180 Residents
WASHINGTON, D.C. – March 15, 2013 – (RealEstateRama) — Today, the City of Long Beach, The Long Beach Housing Development Company (LBHDC) and developer/property manager Abode Communities celebrated the grand re-opening of Evergreen Apartments, three multi-family developments that provide affordable housing for 180 residents.
“Affordable housing rehabilitation is one of the best ways to restore vitality and livability to a community,” said Mayor Bob Foster. “This development is a part of the City’s ongoing efforts to revitalize neighborhoods by removing blight to make communities more attractive, safe and economically viable.”
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 Evergreen Apartments Renovation project will transform properties into quality affordable housing, a much needed asset in our community,” said Councilmember Steven Neal, who represents the 9th District. “These properties received a much needed facelift, and also provide secure housing for families while offering residents valuable services.”
The major renovation effort included a new tot lot, new roofs, new landscaping, building façade improvements, new apartment interiors, and high-efficiency mechanical and plumbing. Residents will have access to after-school programs, computer and job training, and adult education programs at little or no cost.
“Through our public-private partnerships we are making significant efforts to improve living conditions for families and provide affordable housing units for Long Beach residents,” said Councilmember Patrick O’Donnell, who represents the 4th District.
“The rehabilitation of these properties are part of the LBHDC’s community revitalization efforts,” said Patrick Brown, Chair of the LBHDC Board. “We remain committed to increasing the availability of safe, decent and affordable housing for Long Beach residents.”
Abode Communities purchased the properties from The Long Beach Housing Development Company in 1999. Both Abode Communities and the LBHDC continue their work in advocating and supporting the new construction and renovation of quality, affordable homes that promote safe and livable neighborhoods.
“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.”
Abode Communities offers a full-time resident services program that helps families and individuals create a path toward greater self-sufficiency while providing the tools needed to physically, emotionally and economically thrive. On-site 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 45 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 producing and preserving 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 37 properties throughout the region that are home to more than 6,600 residents. For more information, please visit www.abodecommunities.org.
Contact :
Jacqueline Medina, The Long Beach Housing Development Company 562.570.3827
jacqueline.medina (at) longbeach (dot) gov
Megan Folland, Abode Communities 310.529.4814
mfolland (at) abodecommunities (dot) org
