Wells Fargo helps finance affordable housing in communities throughout the country. We have provided financing for the following and many other properties:
Hayward Senior Housing
Hayward Senior Housing provides senior residents of Hayward, California an affordable housing alternative. The rental units are available to seniors who earn no more than 30%, 40% or 50% of the area median income. Wells Fargo provided construction financing for the project, which also includes a new corporate headquarters for non-profit developer Eden Housing, Inc. Eden worked effectively with homebuilder Citation Homes to satisfy a new inclusionary housing ordinance passed by the City of Hayward in 2004. Due to this inclusionary policy, Hayward Senior Housing was able to provide the first new affordable housing option for low-income seniors in nearly 30 years.
Mandela Gateway Townhomes
Since its completion in October of 2004, Mandela Gateway has provided affordable housing to families in the Oakland, California area through 168 rental apartments for residents who earn less than 65% of the area median income (AMI). Developer Mandela Gateway Townhomes LLC, an affiliate of BRIDGE Housing Corporation, more recently completed 14 for-sale townhomes and condos for families that earn below 65-100% of the AMI.
Oxford Plaza, located in downtown Berkeley, California and adjacent to the University of California at Berkeley campus, is a modern mixed-use community that was developed by non-profit developer Resources for Community Development. The community has 97 rental apartments, all reserved for residents that earn from 20-60% of the area median income. Several units are also reserved for those with disabilities and/or living with HIV/AIDS.
Paulson Park Senior Apartments
Through a substantial rehabilitation of 149 units and construction of an additional 104 units, Paulson Park Seniors Apartments has greatly expanded the affordable housing available to seniors in the Mountain View, California area. Mid-Peninsula Housing Coalition (MPHC) saw the potential to increase the supply of housing and improve the area by taking advantage of underutilized parking lots at Paulson Park. All rehabilitated units are reserved for senior residents making no more than 50% of the area median income (AMI). Of the new units, 100% are set aside for seniors with incomes at or below 50% of the AMI, with 30% of the units affordable to senior with incomes at or below 30% of the AMI.
Grass Creek Village
Grass Creek Village, an 80-unit mixed-income family housing property, has provided affordable housing, environmental remediation and housing development within a designated "town center" areas in Anchorage, Alaska. The developer, Cook Inlet Housing Authority (CIHA) along with a private development partner and the local government has redeveloped a contaminated mobile home park into a property that provides affordable housing in a mixed income model to residents under a rent-to-own program. In addition, the U.S. Fish and Wildlife Service, along with a local foundation, and funds from CIHA and its private development partner, granted funds to help restore an on-site creek that had been contaminated and effectively routed into an unnatural "ditch".
At the time of the award, the LIHTC received by CIHA from the Alaska Housing Finance Corporation represented the largest credit award in the State's history. 10% of the 80 units are set aside for residents earning 50% or less of the area median income (AMI), with an additional 48 units available for households earning 60% or less of the area median income (AMI). Thirty percent (24 units) are market-rate units.
Los Vecinos is an example of what can be achieved when communities realize the benefits of green development and lifestyles. As the first apartment complex in San Diego to achieve Leadership in Energy and Environmental Design (LEED) Platinum certification – the highest possible recognition by the U.S. Green Building Council - Los Vecinos Apartments successfully demonstrates solid compatibility between green initiatives and affordable housing. Wakeland Housing & Development Corporation developed the 42-unit affordable apartment complex located in Chula Vista with the environment and community in mind. All units are for residents earning between 30-60% of the area median income. In addition, residents who are mindful of their electricity use could potentially have no electricity costs as they are effectively offset by Los Vecino's solar power system.
"We're proud to support Wakeland and its commitment to make housing affordable while protecting our environment through responsible building practices and management standards," said Wells Fargo's Sally Lang who oversaw the transaction.
MonteVerde is a 301-unit property that offers affordable housing to seniors and non-elderly disabled in Baltimore's Lower Park Heights neighborhood. The project was built in the late 1970s and is undergoing extensive renovation by the current owners, Greater Baltimore AHC (GBAHC). Renovations include the updating of kitchens and baths, new windows, new heating and air-conditioning units, and a new roof. In addition, a new building is being constructed to create a single entry and enlarged community space with a wellness and fitness center for residents.
"GBAHC is very excited about preserving 301 units of affordable housing for the City's most vulnerable residents and transforming the property from its original institutional design into a high-quality, softer and homier environment for the residents," says Andrew Vincent, Director, Greater Baltimore AHC.
Once completed, Sierra Bonita will be a 42-unit, 100% affordable rental development in West Hollywood with 3,800 square feet of commercial space on the ground floor. Residential tenants will be restricted to households having at least one member with a physical or mental disability and a household income at or below 40% of the Area Median Income.
The ground floor commercial space will be leased to nonprofit social service providers at a below market rate. Sierra Bonita will also be the first affordable project to be developed under the City of West Hollywood’s new Green Building Ordinance.