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California Community Reinvestment Corporation announces Tia Boatman Patterson as its next President and CEO

GLENDALE, Calif. — October 11, 2022The board of directors for California Community Reinvestment Corporation is thrilled to share that Tia Boatman Patterson will join CCRC as its next President and CEO on Dec. 1, 2022. “On behalf of the esteemed CCRC board, we are excited to welcome Tia as the new President and CEO of CCRC. We are at a pivotal point in the affordable housing industry and CCRC has built a solid foundation for being a leader in the permanent financing space. Why not take this success and build upon it by innovating and evaluating products and services that could be most useful to further the good work carried out by our affordable housing development community?” said Lisa Gutierrez, board chair for CCRC.

Patterson joins CCRC with years of executive leadership experience in both the public and private sectors. After obtaining her law degree, Patterson was agency counsel for Sacramento Housing & Redevelopment Agency. After additional experiences, she returned to SH&RA as its general counsel. In 2014, Patterson accepted a gubernatorial appointment to serve as the executive director of California Housing Finance Agency, where she brought about positive organizational changes and significantly grew loan production and impact. In 2021, Patterson accepted a presidential appointment with the Office of Management and Budget as its associate director of housing treasury and commerce. She is thrilled to return to California and serve as CCRC’s next president and CEO.

“CCRC is an outstanding lending partner in the affordable housing community in California, and I am inspired and motivated by CCRC’s mission to improve the lives of California low-income residents. I am looking forward to working with the CCRC board and its dedicated staff,” Patterson said.

The board of directors would like to express their appreciation for the many years of service provided by outgoing president and CEO, Mary Kaiser. Since 1995, under Kaiser’s leadership, the organization has built a diversified business model, originating in excess of $2 billion in affordable housing permanent mortgage lending opportunities for its investors, while providing much needed affordable housing to families, seniors and residents with special needs, as well as permanent supportive housing to formerly homeless residents. This evolving business model has built a solid balance sheet as evidenced by a $74 million fund balance, while attracting in excess of $1 billion in capital for loan originations and servicing a funded portfolio of $900 million for banks, insurance companies, pension funds and Freddie Mac institutional investors through securitizations.

“Serving as CCRC’s President and CEO for the past 27 years has truly been my honor,” Kaiser said. “With an amazing staff and investor support, CCRC has changed the lives of thousands of families and seniors, as well as residents with special needs, by participating in the financing of affordable properties throughout California. I know this dedicated team under Tia’s leadership will continue to grow and do even greater things for those who deserve a place to call home, live and prosper. I am grateful for the opportunity to have been a part of this mission over these years.”

Founded in 1989 with support from the Federal Reserve Bank of San Francisco and major banks throughout California, California Community Reinvestment Corporation is the state’s premier multifamily affordable housing lender. Responding to California’s statewide affordable housing crisis is its business, specializing in programs for families, seniors, citizens with special needs and mixed-use developments.

California Community Reinvestment Corporation earns A+ S&P credit rating

Premier affordable housing lending consortia proves financial stability with investment-grade credit rating

Glendale, Calif. (Nov. 10, 2021) — California Community Reinvestment Corporation, a community development financial institution (CDFI) that provides permanent financing to facilitate the development of affordable housing in the state of California, has earned an A+ S&P credit rating.

The S&P Global Ratings credit rating system provides a guide to creditworthiness and credit quality, offering a benchmark for evaluating the relative credit risk of issuers and issues. The A+ rating demonstrates that CCRC has a strong capacity to meet financial commitments.

“We are proud to have received the A+ rating, and it is truly a testament to the unwavering hard work and dedication of our team,” said CCRC President Mary Kaiser. “But, most importantly, we are excited because we know the added credibility that comes with this rating will enable us to do even more good for the countless people in desperate need of affordable housing throughout our state.”

Founded in 1989 with support from the Federal Reserve Bank of San Francisco and major banks throughout California to address the affordable housing shortage, CCRC is a multifamily affordable housing lender, specializing in lending programs for low-income families, seniors, residents with special needs, veterans and formerly homeless residents.

CCRC has engaged in the origination of more than $2 billion in loan commitments with the premier nonprofit and for-profit developers across the state, and manages more than $1.1 billion in capital from bank investors, insurance companies and pension plans. The organization has also established a robust secondary market allowing for the origination, funding and recycling of capital through loan sales, totaling more than $1.1 billion to date.

Read the full S&P report on the CCRC website’s Investor Center page.

The Grove

The Grove Grand Opening Ceremony

The GroveThe Grove Grand Opening Ceremony

On Jan. 25, 2021, Wakeland Housing and Development Corporation celebrated the grand opening of The Grove — a new affordable housing community that serves seniors aged 62 years and up. Located in downtown Vista in San Diego County, The Grove provides 81 homes coupled with on-site resident services tailored to the needs of older adults.

The housing community features three stories of beautiful and functional homes, a ground floor lobby with a lending library, and a multipurpose room with a computer lab, kitchen and space for community gatherings.

Residents will be able to take advantage of complimentary on-site programs and amenities that can enhance their quality of life and help them remain independent as they age, including exercise classes, community gatherings and meal distributions.

Financing for this new development was made possible through funding from Wells Fargo Bank, the Community Development Commission of the City of Vista, the County of San Diego Health and Human Services Agency, FHLBank San Francisco AHP funds, and CCRC.

To learn more about the property, watch this video that Wakeland put together

Fair Oaks Commons

Fair Oaks Commons Grand Opening Ceremony

Fair Oaks CommonsFair Oaks Commons Grand Opening Ceremony

On Dec. 18, 2020, Alta Housing welcomed residents to Fair Oaks Commons — a new affordable housing community in Redwood City in San Mateo County.

This new community features 67 studio and one-bedroom apartments including 33 units for formerly homeless tenants, 27 of which are Veterans Affairs Supportive Housing units for veterans. On-site amenities include a community room with a kitchen, technology lounge, three laundry rooms, spacious courtyard with outdoor fitness equipment, picnic and barbeque area, enclosed bicycle parking area, and a bicycle repair station.

Alta Housing has partnered with the Menlo Park Veterans Affairs office, County of San Mateo Behavioral Health and Recovery Services, and the Mental Health Association of San Mateo County to provide supportive services to the residents. These services agencies provide case management services, resident engagement, assistance with accessing community resources, job readiness programs, financial planning courses, and counseling services.

The funding partners for Fair Oaks Commons include Wells Fargo Bank, the County of San Mateo, and CCRC.

We offer a warm welcome to the new residents. Click the button below to watch the virtual grand opening

Casa Adelante – 1296 Shotwell

Casa Adelante – 1296 Shotwell

Casa Adelante – 1296 ShotwellCasa Adelante – 1296 Shotwell

On Dec. 17, 2020, Chinatown Community Development Center and Mission Economic Development Agency held a virtual grand opening ceremony for Casa Adelante – 1296 Shotwell, an affordable apartment complex for seniors age 62 and older located in San Francisco’s Mission District.

Case Adelante – 1296 Shotwell is the first property in San Francisco to utilize the Senior Operating Subsidy (SOS) to house 40 senior households at or below 15% – 25% of Area Median Income. It is also the first multifamily affordable housing property in San Francisco to utilize the Affordable Housing Bonus program, resulting in three additional floors including 33 more units, and it is the first in the nation for its building type to receive a Gold Award from the US Resiliency Council for its ability to withstand a major seismic event without having to relocate residents.

Funders for this innovative complex include Silicon Valley Bank, Raymond James Tax Credit Funds Inc., San Francisco Mayor’s Office of Housing and Community Development, FHLBank San Francisco AHP funds, and CCRC.

CCRC congratulates all involved in making this complex possible and invites you to learn more by visiting the Casa Adelante – 1296 Shotwell website.
Casa Adelante – 1296 Shotwell