|
|
After acquiring the property, the Agency spent a year assembling grants and
other funding sources to complete the rehabilitation project, working with
a local architect to determine how to best rehabilitate the buildings, and
abating asbestos found in the roof and flooring. In 2002, the Agency
armed with a market feasibility study concluding that affordable senior
apartments were feasible for that site was able to attract an
experienced affordable housing developer, LINC Housing, to redevelop the
site. LINC Housing, under the terms of a development agreement, agreed to
lease the land for $1 a year and purchase the existing improvements for
$700,000 cash.
|

|
|
|
For the next three years, the Redevelopment Agency Board, City Council, and
staff working with LINC Housing devoted countless hours to the
project as both the project scope and financing plan evolved. Initially scoped
as a rehabilitation project, structural analysis later indicated that replacement,
rather than rehabilitation, of two of the six buildings would be more cost
effective.
LINC Housing broke ground in February 2004. Immediately, four of the buildings
were stripped to the studs with plumbing, electrical, mechanical, and roofing
completely replaced. The remaining two buildings were demolished replacing
living units with a managers unit, community areas, a kitchen, and laundry
facilities.
|

|
With only $477,000 in Low- and Moderate-Income Housing Funds from the Agency
that was borrowed from the City, the Agency, City, and LINC Housing leveraged
a 7.7 million financing package that included state and federal low-income
housing tax credits, tax-exempt bonds, CDBG and HOME funds, and loans from
the Federal Home Loan Banks Affordable Housing Program and CalHFAs
Housing Enabled by Local Partnership program. In addition, the California
Community Reinvestment Corporation and Washington Mutual Bank provided
permanent financing, and Bank of America provided construction
financing.
|
|
|
Although the Agencys cash contribution represented a small portion of
the overall financing package, the funding commitment was essential to the
success of the project. In addition to leveraging considerable other funding
sources, the Agencys funds were critical during the pre-development phase.
Without the Agencys funding of asbestos abatement, market studies and
structural analyses, the project could never have attracted a qualified
developer nor successfully competed for grant funding.
In April 2005, after five years of work and more than 40 meetings with the
City Council, Redevelopment Agency Board, and Financing Authority, new tenants
began moving into the 58-unit Seasons at Los Robles affordable senior
apartment project. In celebration of the sites remarkable transformation,
the city of Anderson selected Seasons at Los Robles as the location
for its 2005 National Night Out festivities.
Seasons at Los Robles has now been fully leased for more than two
years and has already sparked private investment in the neighborhood. A new
medical office has been constructed on an adjacent parcel, and a professional
office complex is currently being developed across the street from
Seasons. Investors are no longer afraid to tackle meaningful and
substantial redevelopment projects with its limited financial and
staffing resources.
From crime-ridden to crime free, from years of disinvestment to a new era of
private investment, the Seasons at Los Robles Senior Apartments
demonstrates how redevelopment can stimulate economic growth and create
affordable housing in Californias smaller cities. Small city
redevelopment agencies can accomplish big things in their
communities!
|
|
Page 1 |
Page 2 |
Return to Index
|
|