| |
ski properties for sale in borovets
News and Information Article
Projects are the Largest for Both Cities
PASADENA, Calif., Dec. 28 // -- Today, Heritage Housing Partners
(HHP) completed the purchase of two real estate properties in the cities of
Glendale and Pasadena that will be transformed into affordable housing
developments involving 61 for-sale homes to low and moderate income
homebuyers. HHP together with the Clearinghouse Community Development
Financial Institution (CDFI) and Commercial Capital Bank developed the finance
package by leveraging city housing subsidies with federal New Markets Tax
Credits and, county and state funding sources.
Just last week, the City Councils of Pasadena and Glendale approved the
development of these projects and led the way for the final purchase of the
properties. "Heritage Housing Partners is grateful to the Cities of Pasadena
and Glendale for their approval of the loan agreements to begin construction
of these projects. Their leadership as well as the enthusiasm of our lender
partners proves that affordable, for-sale housing is possible with the right
partners. We see these two developments as models for future affordable
housing projects in public private partnerships," said Charles Loveman,
Executive Director of Heritage Housing Partners.
"This is the largest ownership project we have done," said City of
Glendale City Manager Jim Starbird. "Thats remarkable considering that it is
very hard to do affordable housing in the Glendale, Pasadena and Burbank
areas, first because the land is so expensive and second because construction
costs are so high."
Central to the funding of these projects is the innovative use of the New
Market Tax Credits (NMTC) program. The purpose of the NMTC is to spur private
investment in low-income urban and rural communities based on the idea that
there are viable business opportunities in these areas. The NMTC provide an
attractive incentive to investors by giving a 39-cent tax credit for every
dollar invested and allows the developer to secure low-interest construction
loans.
"This project represents the first use of public subsidies leveraged with
New Markets Tax Credits to create for-sale affordable housing in the nation,"
said Doug Bystry, President and CEO of Clearinghouse CDFI. "We applaud HHP,
Glendale, Pasadena, and Commercial Capital Bank for their leadership and
vision in structuring this transaction."
The Pasadena project, located on Fair Oaks Avenue in Northwest Pasadena
will break ground in the spring of 2006. The 1 acre Glendale project on West
Doran Street, will commence in the fall of 2007 after land use entitlements
are obtained.
Heritage Housing Partners (HHP) was incorporated in 1998 as a 501(c)(3)
non-profit. Its mission is serve low income communities and promote
affordable housing and neighborhood revitalization through the preservation of
existing historic homes and new construction of single-family residences. HHP
provide affordable homeownership opportunities to low and moderate income
first-time home buyers and preserves the density and integrity of existing
neighborhoods by allowing long-term renters to become homeowners, encouraging
neighborhood revitalization through the pride of homeownership. For more
information please visit http://www.heritagehousingpartners.org
| |
|
|
 |
ski properties for sale in borovets |
|
|
|
|
|
|
|
|
|
Locations
