News - 2009
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January 30, 2009
080631
RED Provides $4.6 Million Equity for the Acquisition and Rehabilitation of Affordable Property in San Diego County, California
Sponsored by Community HousingWork
Red Capital Markets, Inc. (MEMBER FINRA/SIPC), the investment banking entity of comprehensive capital provider RED CAPITAL GROUP, recently provided $4,670,000 in low income housing tax credit equity for Turnagain Arms of Fallbrook, California.
Originally constructed in 1974 under the FHA 236 program, Turnagain Arms consists of nine two-story buildings, containing 80 affordable units. 22 of these affordable units will also operate under a Section 8 HAP contract. San Diego County will provide all current non-HAP unit tenants whose incomes are 80% of AMI or lower with enhanced portable Section 8 vouchers. Approximately $58,000 per unit will be spent toward rehabilitation costs which include a new playground, expansion of the existing community building from 700 sq.ft. to 1,600 sq.ft., new ramps for accessibility, various building exterior improvements, and internal unit improvements which include new hardwired smoke detectors, new tub surrounds and new toilets.
Community HousingWorks, a non-profit organization, has a 20-year history as a developer and owner of affordable rental apartments in urban, suburban and rural communities across San Diego County. It has completed over 1,300 rental and cooperative apartments in 25 housing complexes, and has some 300 apartments still in progress.
Anne Wilson, Vice President of Community HousingWorks, commented, "Red Capital and their team worked day and night to close a complicated deal even in the midst of great market turmoil. Red Capital stood by us and our deal and demonstrated its commitment to their partners and to affordable housing in making this one happen."
Evan E. Becker, Managing Director of Red Capital Markets, Inc., said, "I think the development team would concede that this was one of the more challenging preservation efforts undertaken by any of us. In the end, it showcased the talent, perseverance and dedication of all involved. We were proud to be a part of this team effort to preserve these affordable rental units for our San Diego community."
