FOR IMMEDIATE RELEASE
Recent Tax Credit Allocation Moves Development Forward
July 11, 2011 — Last year, grants from Citi Foundation and JP Morgan Chase allowed LINC Housing to hire a director of acquisitions who could work to move existing developments forward, while also finding new opportunities to build and preserve affordable housing for low- and moderate-income families and seniors in California. Today, the nonprofit developer has more than 900 apartment homes in predevelopment or under construction, including a brand new 21-unit family complex in Whittier, which will be the first to use the new Mosaic Gardens brand name when it’s complete in 2013. Citi Foundation awarded a $20,000 grant, while JP Morgan Chase gave $50,000.
“Due to the economic downturn, we were forced to reduce our staff because many of our usual revenue sources were at a standstill,” shared Hunter L. Johnson, LINC president and CEO. “These private grants gave us the funding we needed to get the momentum going again by hiring someone who could focus on moving new housing sites like Mosaic Gardens forward as the economy began to improve.”
In addition, the California Tax Credit Allocation Committee recently awarded LINC’s Whittier application a preliminary reservation of $4,550,000 in low income housing tax credits. This award can now be leveraged to gain the additional funding necessary to begin construction, expected to start this winter.
Located at the corner or Philadelphia and Pickering streets, Mosaic Gardens at Whittier will be part of the gateway to the Uptown Whittier Neighborhood. The 21-unit affordable family complex will be conveniently located near a public park, elementary and high schools, public transportation, and retail shopping. The property’s onsite amenities will include a spacious courtyard with a tot lot playground, barbeque and picnic areas, as well as a large community space where resident services programs and other events will take place.
The building is designed with three stories over a one-level parking garage. The architect is Withee Malcolm Associates. Another major source of funding is the City of Whittier.
“After SEASONS at the Hoover, we’re excited about the opportunity to develop another successful community in the City of Whittier,” said Sid Paul, LINC’s new director of acquisitions. “And we feel fortunate that Mosaic Gardens at Whittier is moving forward when the competition for tax credits and local funds is especially fierce.”
