Standard Communities has acquired an affordable housing community in San Bernardino, California, and plans a $20 million renovation that includes a 750-kW solar system.
Standard Communities completed this transaction in partnership with the U.S. Department of Housing and Urban Development (HUD), and the nonprofit Housing On Merit. This transaction, which extends the affordability of Foothill Villas Apartments for the long-term, has a total capitalization of approximately $97 million and was financed with tax-exempt bonds through the California Debt Limit Allocation Committee (CDLAC) and federal low-income housing tax credits provided by the California Tax Credit Allocation Committee (TCAC). All units are covered by a Project-Based Section 8 Housing Assisted Payment (HAP) contract.
Foothill Villas Apartments, which consists of 239 units in 37 residential buildings on 22 acres, will undergo a $20.4 million comprehensive renovation, with $85,000 invested into each unit. The renovation features the installation of a 750-kW solar system providing electricity to all apartments and common areas. Individual units and common areas will be renovated, and amenity spaces upgraded. Robust resident services will also be provided.
“In addition to saving the residents an average of $1,050 annually in electricity costs, the 1.368 million kWh of electricity generated each year by the new solar photovoltaic system will provide significant environmental benefits,” said Jeff Jaeger, co-founder and principal of Standard.
“The City of San Bernardino is delighted to welcome Standard Communities’ commitment to preserving affordable housing for low-income families. The acquisition and renovation of Foothill Villas will ensure the long-term affordability of 239 apartment homes, and the project represents a $97 million of capital investment in the City,” said Councilman Theodore Sanchez of San Bernardino’s Ward 1.
News item from Standard