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Holly Ferris, Ferris Communications, (562) 429-6456,

 
LARKSPUR VILLAGE APARTMENT DEVELOPMENT UNDERWAY
Construction Begins on New 81-Unit Apartment Community

RIDGECREST, Calif., Nov. 15, 2007 — Nonprofit developer LINC Housing Corporation, in partnership with Global Premier Development Inc., announced the groundbreaking and start of construction for Larkspur Village Apartments, a new 81-unit apartment community that will serve limited-income families in the City of Ridgecrest.

Situated on 6.09 acres on the southeast corner of W. Church Ave. and S. Downs Street, this new construction complex will consist of seven two-story residential buildings offering two- and three-bedroom rental apartments to families earning between 30 and 60 percent of the area median income as defined by HUD. Rents will range from $342 to $792 depending on household income.

“Ridgecrest, like so many communities in California, has a shortage of affordable rental housing,” said Hunter L. Johnson, LINC Housing president and CEO. “The completion of Larkspur will help 81 families move from waiting lists to safe, decent homes where they’ll be able to focus on their families and jobs, and perhaps even begin a path toward home ownership.”

Larkspur Village is being financed through a combination of low-income housing tax credit equity and conventional financing. Total development cost of the project will be $16.8 million. The community was designed by the architectural firm Advent Design Group in Mission Viejo, Calif.

The units will range in size from 909 to 1,058 square feet. The buildings will feature wood-frame construction, with a stucco exterior, wood trim and accents, color cast clay tile roofs, and framed and covered balconies and patios. The community will also include a community room for education programs such as computer training, life and job skills training and after-school programs. Adjacent to the lobby will be a recreation center, computer center, and multi-purpose social room. The outdoor amenities will include a pool, spa and play area for children.

Construction began in late August 2007. The first residents are due to move in summer 2008.

About LINC Housing Corporation
Headquartered in Long Beach, Calif., LINC Housing Corporation is one of California’s most productive nonprofit developers of affordable housing for seniors and families. Recently named as one of the Top 50 Affordable Housing Developers in the nation by Affordable Housing Finance magazine, LINC has had a hand in the creation of more than 6,000 homes in 45 communities throughout California. The organization’s properties are known for excellent design, outstanding management and life-enhancing services for its residents. LINC has 23 years of service to families, seniors, and local governments helping to create sustainable communities via new construction, acquisition and rehabilitation, and historic preservation.

About Global Premier Development, Inc.
Dedicated to building the framework in fulfilling the American Dream of homeownership, Global Premier Development, Inc. (GPD), has been instrumental in the planning and development of nearly 2,000 units of low-income housing for families and seniors alike. GPD continues to seek development opportunities and thus has acquired and built projects worth nearly $500 million in tax credits developments.

  Larkspur Village Apartment Release