Fresno, CA (PRWEB) September 19, 2013
The Community Development Trust (CDT), the country’s largest private real estate investment trust (REIT) which provides capital for the preservation of affordable housing, and LINC Housing Corporation (LINC), a Long Beach-based nonprofit builder of affordable housing for low-income families, seniors, and people with special needs, yesterday celebrated the completed construction of the community center at Pleasant View Apartments in Fresno, Calif. The center was built for the 60-unit, 100 percent affordable development, which serves seniors and low-income families living in homes that range in size from one- to four- bedrooms.
The celebration of the community center’s completion was kicked off with a ribbon-cutting ceremony, followed by remarks by CDT President and CEO Joseph Reilly, LINC President and CEO Hunter L. Johnson, Fresno City councilmember Blong Xiong, and Sarah Reyes, regional program manager - Central Valley, The California Endowment. The event also featured a variety of festive activities for residents and their children. Face-painting, balloon animal-making, crafts, and a sign-up for afterschool programs were available on-site for the 100 children living at Pleasant View.
CDT and LINC partnered to purchase Pleasant View Apartments in July 2012, closing a deal that would provide new benefits for residents. The partnership is facilitating a rehabilitation of the property, including full kitchen renovations to each unit, roof and window replacements, and a playground, in addition to the new community center. It is also enabling LINC’s resident services group, LINC Cares, to introduce for the first time service coordination and on-site activities that include an after-school program, health and wellness workshops, and special events.
“Today’s event marks great progress for the rehabilitation of Pleasant View Apartments,” said Joseph Reilly, CDT’s president and CEO. “The community center offers critical services to residents and represents a really positive milestone for the property. It is an exciting time for CDT as well, since this is our first purchase with a nonprofit partner,” he added. “LINC is a well-established developer of affordable housing, and we know that this partnership will benefit Pleasant View residents for many years to come.”
"This acquisition was possible because of CDT's commitment and investment," said Hunter Johnson, president and CEO, LINC Housing. "LINC's mission is to serve communities through housing, and it's rewarding when we find a new partner who shares that vision and has the resources to help make it happen. And today's celebration was a great opportunity to meet many of the Pleasant View families who will benefit from having secure, healthy homes and the new resident services programming."
"I lived just up the street, so this is my old stomping ground," said Fresno Councilman Blong Xiong. "It's great to see this kind of revitalization going on in our neighborhood. It's good for the community, and it's good for the City of Fresno. Thanks to LINC and CDT for doing this important work."
The purchase of Pleasant View Apartments was partially financed with an acquisition loan from the Low Income Investment Fund (LIIF), which has previously worked with LINC on several other transactions. The LIIF loan enabled CDT and LINC to meet the needs of the seller to close quickly, but also provided an opportunity to work with HUD to pursue long-term financing through the FHA 223(f) program. LINC is providing additional funding for the purchase and planning through generous support from The California Endowment and JPMorgan Chase Foundation. Both have identified Fresno as a focus area for affordable housing.
About CDT
CDT is the country’s largest private real estate investment trust with a focus on providing capital for the preservation of affordable housing. Working with local and national partners, our organization makes long term equity investments in affordable housing and also serves as a secondary market provider for long- term debt which supports the development and preservation of affordable housing. After more than twelve years of operations, CDT has provided over $847 million in debt and equity capital to properties in 42 states – helping to preserve and create more than 32,000 units of affordable housing.
About LINC Housing Corporation
LINC Housing, one of California’s most productive nonprofit developers of affordable housing, has helped create more than 7,500 homes in 65 communities throughout the state. The organization’s properties are known for excellent design, outstanding management, and life-enhancing services for its residents. LINC has 29 years of service to families, seniors, and local governments helping to create sustainable communities via new construction, acquisition and rehabilitation, and historic preservation.