Olivera Senior Apartments – Affordable Housing Community Opens in Pomona, Calif.
Affordable Housing Finance
August 28, 2017
Olivera Senior Apartments in Pomona, Calif., includes 84 units for low-income seniors, with five of the units reserved for veterans with vouchers.
A new affordable housing community serving low-income seniors has opened in Pomona, Calif. Integrity Housing, in partnership with Mayans Housing Corp., recently completed the 84-unit Olivera Senior Apartments.
The development, which is fully occupied, is providing homes for seniors earning between 30% and 60% of the area median income, with five units set aside for veterans with Department of Housing and Urban Development-Veterans Affairs Supportive Housing (HUD-VASH) vouchers.
Olivera Senior Apartments received the GreenPoint Rated gold certification for its use of energy-efficient construction and appliances. Amenities include laundry facilities on each floor, a large clubroom, a fitness room, a computer room, a mailroom, and a reception area. The outdoor space includes a community garden a bocce ball court, a dog park, a dining terrace, and community barbecues.
FPI Management provides on-site management and coordinates with nonprofit EngAGE to provide arts, education, and wellness programs. Yoga/meditation, technology help, fraud identification, and the essentials of aging are some of the programs currently underway for residents.
“We are very pleased that Olivera has been so warmly received by the community and so highly praised by its residents,” says Anjela Ponce, executive vice president and founder of Integrity Housing. “We aim to enhance the lives of our residents, and the feedback we have received confirms that we achieved that goal at Olivera.”
One of Integrity’s signature developments, Olivera Senior Apartments meets the Irvine, Calif.–based firm’s “triple bottom-line” benchmark: profitability for investors, social impact services for residents, and a valuable, sustainably developed property for the region.
The $20.3 million development was financed with 9% low-income housing tax credits allocated by the California Tax Credit Allocation Committee and equity provided by CREA. Additional financing included a construction loan from U.S. Bank, a permanent loan from California Community Reinvestment Corp., and a Federal Home Loan Bank of San Francisco Affordable Housing Program grant.
The development was designed by KTGY Architecture + Planning with MJS Landscape Architecture.