HomeNewsUSA Properties Fund begins construction of Vintage at Woodman, LA

USA Properties Fund begins construction of Vintage at Woodman, LA

USA Properties Fund Inc. has started construction of Vintage at Woodman, an affordable seniors housing community in Panorama City, LA. The community will consist of 239 units which will be restricted to residents at least 55 years old that meet a range of income limits, via the California Housing Finance Agency’s Mixed-Income Program. Vintage at Woodman is the first USA Properties project to use the Mixed-Income Program; a program that allows renters earning 50 percent to 80 percent of the area median income, about US$45,000 to US$72,000 for a two-person household leasing a one-bedroom apartment to qualify for Vintage at Woodman.

Also Read: New York to construct US$17 Mn housing development for Seniors

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The five-story apartment community, featuring one- and two-bedroom units, is scheduled to be completed by the spring of 2023. Estimated rents will range from about US$1,013 to US$1,530 for a one-bedroom apartment, and US$1,213 to US$1,998 for two-bedroom, two-bath units. JPMorgan Chase, Citi Community Capital, and RBC Capital Markets joined CalHFA on the US$80 million Vintage at Woodman project, which replaces an auto-repair business and small warehouses on the property.

“Vintage at Woodman is an example of the type of development that is key to addressing the housing crisis facing Los Angeles County and the entire state,” says Tia Boatman Patterson, executive director of the California Housing Finance Agency (CalFHA). CalHFA issued tax-exempt bonds and provided subsidy funds through its Mixed-Income Program for the project. “The mix of incomes in this project allows local residents to improve their financial and housing situations while staying at home in their community,” added Patterson.

So far, CalHFA has financed projects that will create about 3,750 units for mixed-income affordable housing in the state, Boatman Patterson said. USA Properties Fund which has more than 90 affordable and market-rate apartment communities in California and Nevada, including 11 in Los Angeles County is looking to partner with CalHFA and the Mixed-Income Program on other projects.

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