Day Creek Senior Villas 100% affordable thanks to hybrid financing and strong partnerships.
Rancho Cucamonga, Calif. – National CORE and its partners celebrated the grand opening of the affordable housing community of Day Creek Senior Villas on Wednesday, July 14, with a crowd that included public officials, city partners, funders, and supporters.
“It is great to see and be a part of collaborative efforts like this that are making housing more affordable and accessible in the great, All-America City of Rancho Cucamonga,” said Rancho Cucamonga Mayor L. Dennis Michael. “Day Creek Senior Villas is built to last and built to create a healthier future. I believe it is a development we will all take pride in for many years to come.”
This beautiful community in the heart of Rancho Cucamonga provides 140 beautiful apartment homes for seniors with qualifying maximum incomes between 30 and 60 percent of the area median income, working to address the rapidly growing need for affordable housing for seniors. National CORE’s long-term supportive services partner, Hope through Housing, will provide health and wellness programming for residents of Day Creek Senior Villas.
“We are so pleased to be able to celebrate this beautiful community with our residents, our team, and all of those who made today possible,” said National CORE President/CEO Steve PonTell. “Day Creek Senior Villas is a first for National CORE in so many ways. It is our first zero net energy community and it is the first time we combined 4% and 9% low-income housing tax credits to leverage private and public funding. We also established a groundbreaking partnership with the Inland Empire Health Plan (IEHP). But at the end of the day, it is our relationships with our partners that led to a stunning senior community that will provide a good quality of life for the residents who live there.”
As National CORE’s first zero net energy community, Day Creek Senior Villas has been designed to be highly sustainable and resource-efficient, part of National CORE’s commitment to making front-end investments that reduce energy and water use over the lifetime of the community, creating long-term savings for both residents and the developer. Completed in October 2020, Day Creek Senior Villas provides 100% of its own electricity needs through an on-site solar energy system. Other sustainable design features, such as high-efficiency HVAC systems and drought-tolerant landscaping, have led to Day Creek Senior Villas receiving LEED for Homes Gold certification. This cost-contained high-performance community is a finalist in the green category of the Affordable Housing Finance’s (AHF) 2021 Readers’ Choice Awards. Voting will open in late July or early August and the community will be highlighted in AHF’s June/August publication.
“This housing will help make safe, stable, and affordable housing reachable for seniors in our community who have struggled with the burden of rising rents,” said Maria Razo, Executive Director of the Housing Authority of the County of San Bernardino, a key partner in developing Day Creek Senior Villas. “We are proud to have helped make this important development a reality, and to have done so in a way that ensures affordability for the residents.”
Committed to providing affordable housing for vulnerable populations, National CORE used a complex hybrid financial structure to keep Day Creek Senior Villas 100 percent affordable, applying for 4% and 9% low-income housing tax credits (LIHTC) and allowing National CORE to leverage other private and public funding to finance the deal.
“Day Creek Villas has not only brought safe and affordable housing to Rancho Cucamonga, it’s also providing senior residents with a hub for activities to create a sense of community,” said James Vossoughi, Vice President of Community Development Banking for Chase. “We’re proud to work with National CORE on impactful projects like this, which required a hybrid financing structure and collaboration with other industry leaders to make it happen.”
Tax credit syndicator Hudson Housing Capital helped secure more than $25 million of LIHTC equity investment in the development and will act as the limited partner and co-owner of the property for the initial 15-year tax credit compliance period.
“We’re honored to be a part of the team that made Day Creek Senior Villas a reality. It’s a wonderful property that will benefit its residents and the community for many years to come,” said Hudson Housing Capital Vice President Blake Davis. “We sincerely thank National CORE, the city, the housing authority, IEHP, and everyone else that had a hand in its development.”
Day Creek Senior Villas represents many firsts for National CORE, including forging a partnership with IEHP to fund 10 apartment homes to be reserved as permanent housing for IEHP members who are at risk of homelessness after transitioning out of long-term care.
“At Inland Empire Health Plan, we will not rest until our communities enjoy optimal care and vibrant health,” said IEHP Chief Executive Officer Jarrod B. McNaughton. “One of the most important factors in determining health is access to a safe place to call home, and, thanks to this partnership, we are making that a reality for more of our members.”
A special thanks to National CORE’s key partners on the development: the City of Rancho Cucamonga, the Housing Authority of the County of San Bernardino, Inland Empire Health Plan, Century Housing, JPMorgan Chase and Co., Hudson Housing Capital, Federal Home Loan Bank of San Francisco, Housing Partners I Inc., the U.S. Dept. of Housing and Urban Development, the California Tax Credit Allocation Committee, and the California Debt Limit Allocation Committee.
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About National Community Renaissance (National CORE)
National Community Renaissance, based in Southern California, is one of the nation’s largest nonprofit developers of affordable housing. National CORE manages nearly 9,000 affordable, senior, and market-rate units in California, Texas, and Florida. National CORE’s strength is in its ability to offer partners an array of in-house capabilities that navigates the complexities of planning, developing, building, managing, and providing supportive services. For more information on National CORE, please visit www.nationalcore.org.
About Hope through Housing Foundation
Hope through Housing believes that affordable housing can be a platform for transformational change at the individual and neighborhood level. For more than 20 years, the Hope through Housing Foundation has provided more than 2 million hours of transformational social services helping children and teens achieve success, improving families’ financial well-being, and promoting seniors’ health and wellness. For more information on Hope through Housing, please visit www.hthf.org.