Monday, October 3, 2016

Volunteers of America and NAHT close financing for senior special care community

News from NHC's family of members
by Sarah Bond-Yancey, National Housing Conference 

NHC Leadership Circle member Volunteers of America in partnership with the National Affordable Housing Trust (NAHT), recently closed on 4.7 million dollars in Low-Income Housing Tax Credit (LIHTC) equity financing for the development of Manzanita Place, a group of 62 affordable rental homes in Roseville, Calif.

Manzanita Place will provide 47 one-bedroom and 15 studio apartment rental homes to low-income seniors and people with special needs such as mobility impairments. Facilities include a recreation room, a senior nutrition program and community programs such as bingo, card game clubs and religious services. By rehabilitating an existing Volunteers of America affordable housing development, the new development will remain strategically located near local services, grocery stores and public transportation access.

“We’re proud to have played role in rehabilitating Volunteers of America’s affordable housing project in the Sacramento metro area and participating in their national affordable housing mission,” Director of Acquisitions at NAHT, Marcus Vivona, said in a press release. “It has been a pleasure to collaborate with VOA and the LIHTC investors to close on the financing for this deal.”

Partnerships like these are critical for local residents. Data from our annual report, “Housing Landscape 2016,” shows that, in California, 28 percent of renters and 30 percent of low- and moderate-income working households spend at least half their income on housing-related costs. Manzanita place will help increase access to affordable housing in California and give low-income renters greater financial freedom, as well as bring housing choice and stability to some of our most vulnerable populations.

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