Rose Community Capital is pleased to announce the recent substantial rehab financing for Sunny Garden Apartments (4% LIHTC) located in La Puente, CA. Sunny Garden Apartments is a 95-unit senior affordable project that provides income-restricted units at 50%, 80% and 120% AMI. Notwithstanding the existing affordability covenants, most current tenants have household incomes at or below 30% AMI up to 80% AMI. The project has an expiring Land Use Regulatory Agreement restricting occupancy to households earning 30%, 50% and 80% of AMI that expires in 3 years making the project at at-risk of becoming market rate. Los Angeles county is eager to preserve this affordable housing asset for the next 55 years. The substantial rehab of this project will include the replacement and addition of new energy-efficient appliances like dishwashers and refrigerators, HVAC units, vinyl plank hardwood flooring, kitchen and bathroom cabinets, countertops, fixtures, and LED lighting. On the exterior, the property is getting a new roof and exterior paint, along with many other upgrades.
Location: La Puente, CA
Type of Loan: 221(d)(4) Sub Rehab
Loan Amount: $20,334,300