RANCHO CUCAMONGA, Calif. – National CORE, the third largest national nonprofit developer of affordable housing, has been honored with the National Association of Home Builders’ “Pillars of the Industry Award” for its Encanto Court senior housing
CORE earned top honors in the “Best Creative Financing of an Affordable Apartment” category for its innovative and resourceful use of loans, credits and State of California Infill Infrastructure Funds (IIG) to finance construction of Encanto Court in South Central Los Angeles. The 62-unit senior and special needs development opened in late 2011.
“This was a unique project in many ways, requiring a creative mix-and-match financing strategy,” said Steve PonTell, National CORE’s chief executive officer. “In addition to challenging site conditions, we had to figure out how best to meet the housing and social services needs of our tenant mix.,”
This includes six units set aside for elderly residents with a chronic mental illness, and another 15 units for extremely low-income seniors.
Redevelopment funding, Homeless Loan Proceeds and Project Based Vouchers (PBVs) from the Los Angeles County Community Development Commission were among the financing solutions used by CORE. Slightly more than $1 million in California IIG funds financed significant off-site improvements. CORE received a 99-year, $1 lease for the land itself.
The NAHB award comes as CORE is about to celebrate its 20th anniversary with a national symposium and anniversary Gala. The two events are scheduled Oct. 26 at the Sheraton Fairplex in Pomona.
During its two decades, CORE has served more than 250,000 residents and through its Hope through Housing subsidiary has provided more than 2 million hours in supportive services to enhance quality of life, including preschool, afterschool and senior wellness programs.
Based in Rancho Cucamonga, CORE has 80 developments serving more than 8,800 families in California, Texas, Arkansas and Florida.
CONTACT: Steve Lambert, The 20/20 Network
(909) 841-7527 [email protected]