State tax credits awarded to affordable housing, including Ocean View Senior Apartments

Off to the post office,
lite shopping, then Kenny's.

The Daily Journal/Bill Silverfarb, 3/23/15.  "San Mateo senior complex to get facelift."

555 Crespi Drive transfer from
from Pacifica to SM County.
Solvency, upgrades, otherwise what?

"The Edgewater Isle senior apartments in San Mateo earned a tax credit from the state for a major facelift that will temporarily displace the residents who live in the 92-unit complex.

There it is, gray building:
Sound of ocean, million dollar view.

California State Treasurer John Chiang announced last week that tax credits were awarded to 16 California projects, three in San Mateo County, to construct or preserve more than 1,800 affordable housing units across the state.

Tax credits were also awarded to the Ocean View Senior Apartments in Pacifica and 6800 Mission Family Housing Apartments in Daly City, according to Chiang’s office.

 ....  Currently, more than 34 percent of working renters pay more than 50 percent of their income toward housing, and the State Department of Housing and Community Development estimates that California needs to build 220,000 new homes a year to keep up with population growth, according to Chiang’s Office.  Read article.

Reference, the Pacifica Senior apartments -  Ocean View Senior apartments, 555 Crespi Drive, Pacifica, CA.

Reference, the Pacifica Senior apartments transfer to SM County - Fix Pacifica article reprint, City Council meeting, 3/9/15, Item 6. "Completion of Oceanview Apartments ownership transfer from City of Pacifica to CalHFA. Fiscal impact:  forgiveness of the remaining loan, approximately $950,000;and, reimbursement of City payments (with interest), approximately $350,000. Report and Resolution, pdf pages 9."  

Reference, the financing transfer to SM County - CalHFA/about, "For more than 35 years, the California Housing Finance Agency (CalHFA) has supported the needs of renters and homebuyers by providing financing and programs that create safe, decent and affordable housing opportunities for low to moderate income Californians. Established in 1975, CalHFA was chartered as the State's affordable housing bank to make low interest rate loans through the sale of tax-exempt bonds. CalHFA is a completely self-supporting State agency, and its bonds are repaid by revenues generated through mortgage loans, not taxpayer dollars." 

Note photographs.  Keys from Ocean View Senior apartments. Street view (555 Crespi Drive) from City Data. Walkway next to apartments face page of City Search from Google search.

Posted by Kathy Meeh