Sharon Duplechan has lived at Woodhaven Senior Residence for the past two years and today she’s excited to celebrate the completion of the $10.9 rehabilitation project by The John Stewart Company, owner of the property that serves low income seniors.
“I love it because I have a new kitchen, microwave, stove, carpet, washer and dryer and a big spacious bathtub,” said Ms. Duplechan. “And I appreciate that it will be affordable for 55 years because I’m on a fixed income and I can still buy groceries, pay bills and still afford some other things that make my life more enjoyable.”
After 25 years of ownership, The John Stewart Company formed a new partnership with Affordable Housing CDC, Inc., to refinance and renovate the Woodhaven Senior Residences in December 2014. The 4.4-acre site consists of five fully renovated two-story buildings containing 104 one-bedroom units and a newly expanded 2,350 square foot community center. Financing included the existing $1.8 million loan from the Sacramento Housing and Redevelopment Agency (SHRA), plus an additional $1.7 million in City HOME funds and about $2.7 million in City Low Mod housing funds. The Housing Authority of the County of Sacramento issued $6 million in tax exempt bonds, and JP Morgan Chase Bank acted as the agent for the $6 million pass through construction loan. The project also received $4.2 million in low-income housing tax credit equity from AEGON USA Realty Advisors.
“So the good news is that what we’ve done here is put together almost $6 million in new public-private investment capital to renovate and add new life to Woodhaven on behalf of residents and the community,” said Jack Gardner, CEO of The John Stewart Company.
“This is the type of project that’s near and dear to our hearts because it really does to go trying to keep people in housing and in their neighborhood and that’s why senior housing is so important,” said SHRA Executive Director La Shelle Dozier.
Ed Mayer, President-elect, Pacific Southwest Regional Council of the National Association of Housing and Redevelopment Officials (NAHRO) presented SHRA with an award in recognition of October as Housing America Month. “This award is presented to SHRA for being good stewards of public funds and for their willingness to engage in partnerships that produce safe, decent, affordable housing.” Mr. Mayer also serves as Executive Director of the Butte County Housing Authority.