Valley-Pride-Village-Sylmar-CA

Hunt Provides LIHTC Financing for Rehabilitation, Expansion of Seniors Housing Project in San Fernando Valley

by Amy Works

SYLMAR, CALIF. — Hunt Capital Partners (HCP), in partnership with Alliance Property Group (APG) and Community Bible Community Development Corp. (CBCDC), has provided $37 million in federal Low-Income Housing Tax Credit (LIHTC) equity and $15.1 million in state LIHTC financing for the redevelopment and expansion of Valley Pride Village. The affordable seniors housing property is located in Sylmar, a city northwest of Los Angeles in the San Fernando Valley.

The development project will preserve its 88 existing homes and introduce 92 new housing options.

Valley Pride Village’s rehabilitation and expansion will help alleviate the need for affordable housing as the senior population in Los Angeles is projected to increase by 24 percent and surpass 1 million by 2030, making up nearly one in four Los Angeles residents. The project qualified for a density bonus under the City of Los Angeles’ Executive Directive 1, which is the city’s latest move to advance affordable housing within the county. 

Valley Pride Village will offer a mix of studio, one-, and two-bedroom homes for seniors who earn up to 30 to 80 percent of the area median income (AMI). The existing buildings within the community will undergo extensive renovations, including upgrades to cabinetry, countertops, faucets and heating systems, as well as installation of LED lighting and appliances like refrigerators and ranges. Exterior enhancements will feature new roofing, windows, paint and an improved clubhouse with a new handicap-accessible restroom.

CBCDC, a nonprofit that has provided affordable housing for over 50 years and represents one of the oldest Black churches in Pasadena, is the co-developer. Aldrich Burch Construction Inc. is the general contractor for the existing 88-unit building, and Walton Construction is the general contractor for the new residential building and all sitework. KFA Architecture is the architect of record. FPI Management Inc. will provide property management.

To make the development a reality, HCP syndicated the federal and state LIHTC through its proprietary fund with J.P. Morgan. The California Housing Finance Authority (CalHFA) provided $62.2 million in tax-exempt construction financing, $24.4 million in permanent financing and $4 million in soft financing through the Mixed Income Program. The Housing Authority of the City of Los Angeles provided $18.5 million in tax-exempt construction financing through CalHFA. CBCDC provided $4 million in construction-to-permanent financing.

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