New Affordable Development for Seniors and Veterans In Long Beach
The City of Long Beach, in partnership with the Long Beach Community Investment Company (LBCIC) and Century Housing Corporation, celebrated the groundbreaking of The Beacon, a new two-building 160-unit supportive housing development. The buildings will complete the final phase of the site development, that includes the adjacent 161-unit Long Beach Senior Arts Colony and the 39-unit Annex. The Beacon is expected for completion in late 2019.
“The Beacon Apartments is another great project that will provide seniors and veterans with high-quality affordable housing and access to supportive services,” said Mayor Robert Garcia. “Long Beach will continue its efforts to implement housing policies that address housing options for everyone.”
Located at 1235 Long Beach Boulevard, the development includes two new buildings; the seven-story Beacon Pointe will include 120 units reserved for low-income seniors, and the five-story Beacon Place will provide 38 units for lower-income veterans with special needs and veterans experiencing homelessness or at risk of experiencing homelessness. The transit-oriented development is located immediately across from the Metro Blue Line light rail and bus lines that operate along both Long Beach Boulevard and East Anaheim Street, which will connect residents to vital services and workplaces in Long Beach and beyond.
“The Beacon is an important part of the significant efforts the City and Century Housing have made towards providing housing for the most vulnerable residents in our community,” said Councilwoman Lena Gonzalez. “This development will activate a key site along the northern edge of Downtown, while enhancing a major transit oriented corridor in the First District.”
In January 2017, The LBCIC approved more than $12 million in funding for the development.
“The LBCIC is committed to investing our resources to developments that fill the vital need for additional affordable housing,” said John Thomas, The LBCIC Chair. “This project will enhance the strong network of neighborhoods that promote a thriving Long Beach.”
This project will be one of the first five developments to utilize new state certificated low-income housing tax credits (LIHTCs) in California under a three-year pilot program. Rents will be subsidized through project-based Section 8 Vouchers for all 158 restricted units, which will provide approximately $822,000 annually.
“The Beacon will expand housing options for homeless veterans and low income seniors while providing comprehensive supportive services all in a Downtown Long Beach location that will afford the connectivity to job centers and key amenities our residents need to achieve and maintain independence,” said Ronald M. Griffith, President and CEO of Century Housing.
“Beacon Place and Beacon Pointe represent an extension of our 20 years of work in West Long Beach at Century Village at Cabrillo,” said Oscar Alvarado, Director of Housing Development for Century Housing. “For us, this is a departure in location only, pursued with the same passion and attention to the mission that is at the core of all of our work.”
Funding for The Beacon include:
· A loan from The LBCIC.
· A Veterans Housing and Homelessness Prevention Program (VHHP) loan through CalVet and the California Department of Housing and Community Development (HCD).
· Two Affordable Housing Program (AHP) loans through the Federal Home Loan Bank.
· A grant from the Home Depot Foundation.
· Construction financing from Wells Fargo Bank.
· A permanent loan from the California Community Reinvestment Corporation (CCRC).
· An equity investment by Wells Fargo through an allocation of tax credits from the California Tax Credit Allocation Committee (CTCAC).
For more information on the City’s affordable housing developments, go to http://www.lbds.info/. For information on Century Housing, visit http://www.centuryhousing.org.
About Century Housing Corporation
Century Housing Corporation is a mission driven 501c3 nonprofit organization that engages in the financing and development of affordable housing. Century develops and preserves affordable housing through its 501c3 affiliates, Century Villages at Cabrillo (“CVC”) and Century Affordable Development, Incorporated.
About Long Beach Development Services
The mission of Long Beach Development Services is to make a difference in our community by building a dynamic, safe, and sustainable City that honors its past and embraces the future. Visit us at www.lbds.info, “Like” us on Facebook, follow us on Twitter, or subscribe to our YouTube channel.