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 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 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
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