Long Beach Portfolio

PROFILE

The Long Beach Portfolio consists of 320 units in thirteen buildings situated on various sites in Long Beach, California.  The properties--ranging in age from 20 to 45 years--have been thoroughly renovated in order to extend the life of the structures, ensure ongoing financial feasibility as affordable housing, and support the city’s neighborhood revitalization goals.

DEVELOPMENT CHALLENGES

At the time of acquisition, the properties suffered from years of inadequate capital investment and had varying physical conditions due to age and original construction quality.  Most of the properties range in size from 10 to 24 units and are situated in a number of neighborhoods across a 5-mile area.  One of the biggest challenges was coordinating the rehabilitation while also minimizing relocation costs and inconvenience for existing residents.

SOLUTION

Working in collaboration with its development partner and the City of Long Beach, Veloce Partners successfully developed a sound financing strategy. This involved using tax-exempt bonds, 4 percent low-income housing tax credits and locally administered HOME funds to pay for the acquisition and rehabilitation.  Renovation of the properties was completed in phases to allow residents to be relocated to other properties in the portfolio and to ensure that all income-qualified residents remained.  The city’s subsidy cost per unit for the rehabilitated properties was substantially below what it would have cost to build new units.

For more information on this development, please visit: www.longbeachaffordable.com