|MANY SOURCES COMBINE KEEPING HOUSING AFFORDABLE|
|, Aug 01, 2011
Lindsay Apartments were constructed in 1976 in the rural community of Lindsay with a $996,000 loan from USDA Rural Development’s predecessor agency, Farmers Home Administration. Over the years, with limited funds for improvements, the apartments began showing their wear, and were no longer competitive compared with other newer affordable housing projects in the community.
A variety of funding sources from USDA Rural Development and the State of California blended together to help renovate the complex. Rural Development’s Multi-Family Housing Revitalization Demonstration Program (MPR) was used to transfer ownership, and defer payments on the old loans. As well, Rural Development provided a 2.9% interest rate credit on the project and guaranteed a $1,121,000 loan originated by Bonneville Multifamily. The state assisted with $5.5 million in Low Income Housing Tax Credits and $290,000 in deferred fees. The combination all helped to make the loan much more affordable for the new owners.
Lindsay Apartments received a major renovation. Not only did they add a community room with computers and a meeting and entertaining area, but each of the units received a facelift as well. The interiors were upgraded with new carpets, tile, cabinets, granite countertops, appliances, bath fixtures, heating/air conditioning units, and fresh paint. Exteriors were improved with new roofs and solar panels, siding, asphalt, lighting and landscaping including a brand new playground and basketball court.
Now, this "new" complex can compete with other affordable housing complexes in the area and remain in business. Lindsay Apartments offers residents a comprehensive place to raise a family with many new amenities and resources.