Abode Communities, Inc. (Abode) is a nonprofit real estate developer that builds multifamily affordable housing for Southern California’s workforce, low-income families, senior citizens, and individuals with special needs. The organization requested a $3,000,000 line of credit to assist with the predevelopment expenditures of current and future projects.
Abode has identified 13 projects with total development costs of $466 million to be completed within the next four years. These projects include 996 apartment units, an 8,000 square foot commercial building, a 25,000 square foot grocery store, a charter school, and a public park.
This LOC will initially support several ongoing projects. One is a rehabilitation project that will result in 157 rehabbed units with 48 units for low-income families and individuals earning less than 35% of AMI, 95 units for those earning between 35-50% of AMI and 11 units for those earning between 50-60% of AMI. Another is a new construction project that will consist of 77 units of affordable housing and 8,000 square feet of commercial space. One unit will be reserved for the resident manager, 38 units for homeless families and individuals earning less than 20% AMI, and the other 38 units will be for low-income families earning between 30-50% AMI. Additionally, the line of credit will support an 86-unit senior housing project, for residents earning no more than 50% AMI. At least 50% of these units will be designated to homeless and/or chronically homeless seniors earning less than 20% AMI.
PCG worked with HPF to contribute $500,000 towards the overall loan of $3,000,000 in order to continue providing quality affordable housing in the state of California.