USA Properties Fund Starts Construction of $80M Affordable Seniors Housing Community in Los Angeles
LOS ANGELES — USA Properties Fund Inc. has started construction of Vintage at Woodman, a 239-unit affordable seniors housing community in the Panorama City neighborhood of Los Angeles.
Units 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.
With the Mixed-Income Program, renters earning 50 percent to 80 percent of the area median income — about $45,000 to $72,000 for a two-person household leasing a one-bedroom apartment — could qualify for Vintage at Woodman.
“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,” adds Patterson.
The five-story apartment community, featuring one- and two-bedroom units, is scheduled for completion in spring 2023. Estimated rents will range from about $1,013 to $1,530 for a one-bedroom apartment, and $1,213 to $1,998 for two-bedroom, two-bath units.
JPMorgan Chase, Citi Community Capital and RBC Capital Markets joined CalHFA on the $80 million Vintage at Woodman project, which replaces an auto-repair business and small warehouses on the property.