MONTCLAIR, Calif. — The National Association of Home Builders [NAHB] announced on December 8 that San Marino Senior Apartments won its Pillar of the Industry award for Best Creative Financing of an Affordable Community. San Marino, located at 10355 Mills Avenue in Montclair, was recognized nationally among the top trend-setters in the multifamily housing industry, as part of NAHB’s annual Pillars of the Industry Awards program. The Pillars of the Industry is a nationwide award program promoting excellence in apartment design, development, management, and marketing. San Marino Senior Apartments, developed by nonprofit developer National Community Renaissance [National CORE], grand opened in March 2010 and provides 85 apartments for seniors age 62+ at 30% of their monthly gross income.
Winners were selected for superior achievement in 27 categories, including Best Creative Financing of an Affordable Housing Community. San Marino Senior Apartments was chosen on the basis that it was the first affordable senior development in California to successfully combine tax credits and a HUD 202 grant in its finance structure. This validated a new finance structure that other agencies are using as a model, which is urgently needed in a time of diminishing resources for affordable housing in California. San Marino Senior Apartments also met a need for deeply affordable senior housing and converted a blighted lot into a community asset with an attractive senior housing development.
“Creativity in design and a clear understanding of the entrants’ local markets characterized this year’s entries,” said Charles R. Brindell, Jr., CEO of Mill Creek Residential Trust, LLC, and chair of NAHB’s Multifamily Leadership Board. “The results are outstanding apartments and condos that their residents will take pride in for years to come.”
Hundreds of entries—representing apartment and condo communities from across the country—vied for this year’s awards, which are considered among the most prestigious in the housing industry.
“We are honored to be recognized for our role in this groundbreaking development,” said National CORE Director of Acquisitions Alfredo Izmajtovich. “The honor is shared with the City of Montclair. The staff and council are committed to providing high quality housing and rich quality of life for all its residents. They are the true champions behind San Marino’s success.”
About San Marino Senior Apartments: The 85-unit 100% affordable development for seniors age 62+ provides deeply affordable and high quality attractive senior housing; it revitalized a blighted parking lot and retail structure; and tested a new finance model that is already being replicated in other Southern California communities. San Marino Senior Apartments is located at 10355 Mills Avenue in Montclair.