Courtyards at Penn Valley keep affordable housing status through refinancing
Residents in the Courtyards at Penn Valley apartments hoping to remain in their homes will get a new lease on life after the property secured refinancing that will allow the complex to remain as affordable housing.
The apartment complex opened in 2003 with help from tax credit equity financing, which provides lenders on these types of projects incentive by giving tax credits for construction bonds. However, it was reaching the sunset on those credits, which typically results in the loss of affordable housing and a sale or foreclosure of the property.
Through investments by Hunt Capital Partners, the property will receive the refinancing it needs to ensure it remains an affordable housing site. Additionally, residents will benefit from more than $500,000 in renovations that were stipulated as part of the refinancing deal.
Renovations, including roofing, cabinets, counter tops and picnic areas, have already begun and are scheduled for completion in February, according to Jennifer Price, whose company helped with the refinancing.
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The new deal means the Courtyards will remain as affordable property for the foreseeable future, at least through the 44-year life of the bonds.
“This ensures the apartments will remain affordable at least for the rest of our lifetime,” Nevada County Director of Child Support, Collections, Housing and Community Services Mike Dent said.
The apartment complex will continue to offer a mix of affordable and market-rate housing, with 10 of the 42 units falling under the HOME program and another 15 units eligible for Section 8 housing vouchers.
The complex is currently at 98% occupancy with more than 60 families waiting for an opening.
The county housing development corporation contributed $195,000 in loans for the project.
To contact Staff Writer John Orona, email firstname.lastname@example.org or call 530-477-4229.
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