Cypress Senior Living Investors has kicked off the rehabilitation of 311 E. Cypress Street. Cypress Senior Living will be the second California LIHTC project since 2012 for Newport Beach based affordable housing developer, Community Development Partners (CDP), managing member of Cypress Senior Living Investors, LP.
Cypress Senior Living consists of the acquisition, rehabilitation and conversion of an existing blighted two-story 18-unit market rate apartment building which is in desperate need of a complete renovation. The final product will be a beautifully restored building providing safe and affordable housing for local seniors and veterans. Upgrades to be done during renovation include all new unit interiors with energy efficient appliances, new flooring, new cabinets and counter tops, new tubs, new electrical and plumbing fixtures. Financing for the project will come from the sale of 9% rehab and 4% acquisition Low Income Housing Tax Credits, which the project was awarded in June of 2013. The tax credit purchaser is Boston Financial and the construction lender is Citi.
At completion the project will consist of 13 studio units and 4 one bedroom units with an additional studio for the onsite manager. Rent restrictions require tenants to be 62+ years of age and 6 units will be rented with Veteran preference. Property amenities will include a community area with resident computer for internet and printing access, in addition to on-site social services offered to the residents and 11 surface parking spaces. Affordability levels will be at 30%, 35%, 40%, 50%, and 60% AMI levels.
The building is a 1920’s brick building in the heart of Glendale with immediate access to public transportation, dining, and entertainment options. The Glendale Housing Authority is supporting the project by providing $1,447,523 in HOME funds for the rehab in addition to providing a permanent loan which eliminates the need for conventional permanent financing. The project will achieve a 25% energy efficiency improvement from the building’s current energy consumption.
The opening of Cypress Senior Living is anticipated for summer 2014.