Garfield Rehab FACTS - Creating a Caring Community One ...
40398701072677Built in 1968 with a HUD 202 Supportive Housing for the Elderly loan, Westlake Christian Terrace East was the second affordable senior property developed by Christian Church Homes. For almost five decades, it has been home to 200 of Oakland’s seniors. Leveraging HUD’s 202 Preservation Incentives with Low-Income Housing Tax Credits and tax-exempt bonds, Westlake East was the first property in the nation to prepay a HUD 202 loan, defer a HUD Flexible Subsidy loan, and secure Tenant Protection Vouchers for the preservation of this important property. The substantial renovation includes upgrades to all apartments, significant seismic strengthening, redesign and enlargement of the entrance lobby, creation of a new community lounge and computer center, accessibility improvements throughout the property, and energy efficiency upgrades that exceed Title 24 code.00Built in 1968 with a HUD 202 Supportive Housing for the Elderly loan, Westlake Christian Terrace East was the second affordable senior property developed by Christian Church Homes. For almost five decades, it has been home to 200 of Oakland’s seniors. Leveraging HUD’s 202 Preservation Incentives with Low-Income Housing Tax Credits and tax-exempt bonds, Westlake East was the first property in the nation to prepay a HUD 202 loan, defer a HUD Flexible Subsidy loan, and secure Tenant Protection Vouchers for the preservation of this important property. The substantial renovation includes upgrades to all apartments, significant seismic strengthening, redesign and enlargement of the entrance lobby, creation of a new community lounge and computer center, accessibility improvements throughout the property, and energy efficiency upgrades that exceed Title 24 code.190501040927000379568Westlake Christian Terrace East00Westlake Christian Terrace East Property Basics 200 Apartment Homes156 studios and 44 one-bedrooms16 fully accessible and HVI unitsIncome Targeting to low and very-low income seniors40% - 60% AMIFinancing PlanEnterprise/LIHTC $16,400,000Citi Bank Mortgage$12,900,000HCD CHRP Loan $4,000,000HUD Flex Subsidy Loan $3,000,000Seller Loan $7,300,000Affordable Housing Program $1,400,000Total Development Costs:$ 45,000,000Special Features Onsite Property Management and Social Service CoordinationComputer CenterLaundry Room and LibraryMultipurpose community room with kitchen, bbq and garden courtyardElectronic key entry to building and apartmentsGreen wall in main lobbyAdditional parking with secure accessGreenPoint Rated Score of 138 ................
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