One of LINC’s newest senior communities is SEASONS at Miraflores, in La Quinta. In a gated community whose first phase yielded 56 market-rate and 48 affordable single-family homes, LINC, with the city’s La Quinta Redevelopment Agency, built 118 duplex rental homes for senior citizens. The Early California-style 94 one-bedroom and 24 two-bedroom units provide single-story living, and they rent to seniors for between $413 and $604 per month.

In addition to a dedicated clubhouse and pool, the residents can share the ample open space and amenities provided to the entire community. Much of the $16.3 million funding came from the redevelopment agency, supplemented by a loan from Fannie Mae and tax credit equity sold to Lend Lease. LINC owns and manages the new rental homes.

 
According to La Quinta Mayor John J. Pena, “This commitment to affordable housing is being accomplished through a series of private/public partnerships utilizing a wide range of financing vehicles. The Miraflores community artfully combines affordable housing, market-rate housing and senior citizen housing in a planned community that creates a sense of place for everyone who lives here, regardless of the price of their home.”

Preserving existing inventories of affordable housing is one of LINC’s primary goals, and the company’s newest preservation project is renovation of the aging 100-unit Beechwood Manor in Lancaster, California, which it purchased for about $3 million and saved from market-rate conversion.

Grace Q. Quach, LINC’s vice president, said that $4 million renovation of the renamed The Village at Beechwood is being done with the least inconvenience for current residents — largely families with children. Residents of each 20-unit phase are being relocated to other accommodations for the eight or so weeks it will take to complete the renovation work.

Set for final completion in the fall, the one-, two-, and three-bedroom apartments range in size from 816 square feet to 1,045 square feet, with rents from $344 to $617, which represents 35% AMI.   Continue »

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