Courier Place Apartment Homes to provide much-needed affordable housing options for families and seniors
Online PR News – 01-April-2012 – Irvine – WNC & Associates, Inc. (WNC), a national investor in urban renewal and affordable housing projects, in partnership with Jamboree Housing Corporation, has announced the grand opening of Courier Place Apartment Homes. The 75-unit community was built on the former site of the Claremont Courier newspaper and will address the growing need for affordable housing among seniors and families throughout the Claremont Village and surrounding area. WNC provided $13,278,629 in Low Income Housing Tax Credits (LIHTC) financing for the project. Courier Place Apartment Homes is Jamboree Housing Corporation’s first multi-generational affordable apartment community and the first in Los Angeles County.
“With waiting lists and applications for affordable housing far exceeding the available product on the market, the completion of the Courier Place Apartments will help to meet the growing demand,” said Michael Gaber, Chief Operating Officer of WNC. “The completion of this facility will provide quality housing to local residents who currently have very few affordable options.”
The three-story, garden style community is designated to receive a LEED Platinum rating and is situated on 3.34 acres with two separate sections: one for families and one for seniors. Located at 111 South College Avenue near the Claremont Village, the community offers the following features:
• A building for seniors with an elevator, recreation space and 38 one-bedroom apartments.
• Family apartments spread across two structures, consisting of 36 two- and three-bedroom apartments, each with two bathrooms.
• On-site amenities including convenient laundry facilities and a clubhouse with offices, a multipurpose room, kitchen and computer lab.
• A swimming pool, patio dining area with barbecues and a children’s playground.
Courier Place is centrally located within a one-mile radius of various schools, a commuter train station and a number of retail and dining establishments, providing optimum convenience and a high standard of living for residents.
Jamboree Housing Corporation’s Housing with HEART service also offers free programs and resources for residents including health and fitness classes, educational enrichment for young people, and community building activities.
“Courier Place serves two important objectives: it will meet the market’s need for new affordable housing options and provide high-quality housing that residents can be proud of,” said Gaber.
Financing partners for the project included WNC, the City of Claremont, Claremont Redevelopment Agency, US Bank, Community Development Commission of the County of Los Angeles, and the U.S. Department of Housing and Urban Development.
The LIHTC program is an indirect Federal subsidy used to finance the development of affordable rental housing for low income households. Additional information is available at http://www.hud.gov/offices/cpd/affordablehousing/training/web/lihtc/basics/.
About WNC & Associates, Inc.
WNC & Associates, Inc., founded in 1971 and headquartered in Irvine, Calif., is a nationwide investment firm specializing in Low Income Housing Tax Credits and New Market Tax Credits. To date, WNC has acquired over $5 billion of assets totaling more than 1,050 properties in 45 states. Additionally, WNC has been awarded four NMTC allocations to date totaling $178 million and has facilitated development of 15 community renewal projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies. Additional information is available at www.wncinc.com.