SAN BERNARDINO, Calif. – The redevelopment of the Waterman Garden’s housing project received a major push today with the award of nearly $12 Million in Tax Credits from the State of California. This award and the allocation of federal Housing and Urban Development funds by the City of San Bernardino will allow the first phase of the Waterman Gardens redevelopment project to begin with the replacement of 76 1940s-era housing with new units.
National CORE (National CORE), the master developer of the community, received the allocation of Low Income Housing Tax Credits through the California through the California Tax Credit Allocation Committee. The credits represent the largest single contribution to the $25 million overall first-phase cost. The City of San Bernardino is investing $2.3 million of federally-allocated HOME-Investment Partnership funds into the project, with the balance coming from the Housing Authority of the County of San Bernardino, the Department of Housing and Urban Development’s (HUD) Rental Assistance Demonstration (RAD) program, and a permanent loan from PNC Real Estate.
“The award of this funding represents the ability to begin revitalization of the area both in and around Waterman Gardens as a whole. This public-private partnership will replace 1940s-era public with new construction that meets the highest of energy efficiency standards and quality housing stock. On behalf of the City of San Bernardino, I would like to thank all of the partner entities involved in this project,” stated San Bernardino Mayor R. Carey Davis.
“Thanks to the support of our partners at the City of San Bernardino, the Housing Authority, HUD, Wells Fargo and PNC, we’re able move forward with this transformational redevelopment project,” said Steve PonTell, President and Chief Executive Officer of National CORE. “Not only will this project uplift the housing stock in the immediate area, it will give a boost to the local economy during construction and for years beyond.”
Construction of the new units will take place on Valencia and 9th Street adjacent to the current Waterman Gardens public housing community, which will be demolished and rebuilt in phases as part of the broader redevelopment plan. The 76 off-site units will help facilitate resident relocation during the early construction phases.
The off-site plan also creates an opportunity for more market-rate units at the larger Waterman Gardens site. Initial on-site plans called for a duplication of the 252 existing affordable units, plus market-rate and senior units for a total of 411. With the Valencia and 9th Street site, any of the 76 units used for subsidized housing will mean fewer subsidized units at Waterman Gardens.
The overall redevelopment plan will be an economic catalyst for the region as a whole, according to an Economic Impact Study by the Center for Economic Research and Forecasting at California Lutheran University.
“The first thing that San Bernardino’s citizens will notice is that the project will dramatically improve the appearance of the neighborhood,” the report stated. “This is not a small thing. A well-maintained, attractive, and modern project inspires a sense of community.”
The report went on to point out that during construction, 667 jobs would be directly created and another 365 would be created indirectly, generating $46.8 million in compensation and $81.1 million in direct economic impact to the county.
The project also will raise property values and increase tax revenues necessary to fund essential community services.
“This is a project that truly will transform a community and bring economic opportunity to the city as a whole,” said Dan Nackerman, Executive Director of the Housing Authority of the County of San Bernardino.
The Valencia and 9th Street site will feature one-to-four-bedroom units. Subsidized units will be available to households earning 30 percent to 60 percent of the Area Median Income (AMI). For San Bernardino County, the AMI is $60,700 for a family of four.
Amenities include a community center, featuring community meeting rooms, after-school program facilities and a computer lab. Their will also be a children’s play area and swimming pool.
The community has been designed by Humphreys & Partners Architects and will seek Gold LEED certification for energy-efficient construction.
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About National CORE
Rancho Cucamonga-based National CORE is one of the largest nonprofit developers of affordable housing, with nearly 9,000 units across four states. Over its 22-year history, CORE has received national recognition for its innovation and meshing of quality, affordable housing with transformational social services through its Hope through Housing subsidiary. For more on CORE, please visit www.nationalcore.org.
Contact: Steve Lambert, The 20/20 Network
(909) 841-7527/ firstname.lastname@example.org