Category Archives: News

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

The Chesterfield Groundbreaking

The Chesterfield Groundbreaking Ceremony

The Chesterfield GroundbreakingThe Chesterfield Groundbreaking Ceremony

On Jan. 5, 2021, Wakeland Housing and Development Corporation held its groundbreaking ceremony for The Chesterfield — a new housing development for formerly homeless seniors in South Los Angeles. This community of 42 supportive homes is expected to open in mid 2022. The ceremony was attended by Mayor Eric Garcetti. 

Residents at The Chesterfield will benefit from wrap-around services provided by St. Joseph Center, including dedicated case management, physical and mental health care, employment training, and peer support.

Financing for The Chesterfield draws on a unique mix of sources, including funding from Wells Fargo Bank, The California Department of Housing and Community Development Infill Infrastructure Grant, City of Los Angeles HHH funds, Los Angeles County Development Authority No Place Like Home funds, and CCRC.

Watch the groundbreaking ceremony, and learn more about the development below. Click here, to learn more about the development.

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

CCRC News & Notes

South Hayward BART Family & Seniors Communities – CCRC is excited to announce that the South Hayward BART Family & Seniors Communities, developed by Eden Housing Inc., broke ground in Hayward on September 15, 2015.  In addition to providing 87 affordable apartments for families and 64 affordable apartments for seniors, these communities will offer a large courtyard with playground, community gardens, computer centers, and a barbecue area with picnic tables.  The buildings are designed with sustainability in mind and have achieved a Green Point rating of 149 as well as ENERGY STAR certification.

Financing for the project is being provided by CCRC, Wells Fargo, the City of Hayward, the California Department of Housing and Community Development, the County of Alameda, the Federal Home Loan Bank of San Francisco, TCAC and CalFHA.

CCRC wishes the best of luck to all those who are helping bring the South Hayward BART Family & Seniors Communities to fruition.

New Pershing Apartments receives Homes Within Reach Award

A CCRC-Funded Property Receives Homes Within Reach Award – The Southern California Association of NonProfit Housing (SCANPH) recognized New Pershing Apartments, a Skid Row Housing Trust development, which provides 69 apartment homes for formerly homeless and low-income individuals, as Homes Within Reach Award recipients at the annual housing conference held on Sept. 17-18th, 2015.

SCANPH’s Homes Within Reach Awards honor developers, projects, and lenders for outstanding work in affordable housing.  New Pershing Apartments received the Transformative Communities award, which honors projects that contribute positively to the surrounding community.

CCRC Held its 26th Annual Membership Meeting at 1180 4th Street

CCRC Held its 26th Annual Membership Meeting at 1180 4th Street – 1180 4th Street features 99 affordable rental homes for very-low and low-income families and 50 affordable units for formerly homeless households. The community straddles San Francisco’s South of Market neighborhood and the new Mission Bay area, home to a new campus and medical center for the University of California, San Francisco.  A large community room serves the residents of 1180 – 4th Street and is open during weekdays for the after school program for grade school children living at the building.  A restaurant will anchor the corner of 4th and Channel Streets and the remaining 5-7 commercial spaces will be marketed to neighborhood-serving commercial tenants and will extend down the 4th Street commercial corridor wrapping around Longbridge Street.  A resident property manager lives on-site.

  • 99 affordable rental apartment homes for low-income families
  • 50 units for formerly-homeless households
  • One-, two- and three-bedroom apartments
  • Completed in 2014
  • Environmental features: Energy Star washers, dishwashers and refrigerators, Energy Star Advanced Lighting package, recycled gray water/rain water irrigation system, no or low VOC products, use of environmentally friendly building material (recycled content materials), construction waste recycling/minimization which diverts at least 25% of construction waste from landfills and recycles at least 75% of construction and material waste.

(Updated information taken from https://www.mercyhousing.org/CA-1180-4th, 01/13/16)

 

New Pershing Apartments Skid Row Housing Trust Receives Homes within Reach Award

New Pershing Apartments Skid Row Housing Trust Receives Homes Within Reach Award – The New Pershing Apartments is the transformation of a century-old Single Room Occupancy (SRO) hotel in Downtown Los Angeles into a modern, sustainable, mixed-use, mixed income development with 69 studio and one bedroom apartments for formerly homeless and low-income individuals.  Skid Row Housing Trust preserved the previous building’s historic Victorian facade while eliminating its substandard infrastructure and layout in favor of a more modern and spacious interior.  In addition to providing homes for some of Los Angeles’ most vulnerable residents, the New Pershing Apartments features three ground floor commercial spaces that will activate both 5th and Main streets with retail and dining options.  Furthermore, the New Pershing will achieve Gold Certification through USGBC’s LEED for Homes program, incorporating sustainable elements such as community gardens and solar thermal panels.

Casas de las Flores

Casas de las Flores– The grand Opening of Casas de las Flores Family Apartment complex developed by People’s Self-Help Housing (PSHH) in the City of Carpinteria was held on October 15, 2015.  Built on a former site of Carpinteria Camper Park, Casas de las Flores provides 43 apartments and features a community room and kitchen, youth learning center with a computer room, a playground, and laundry facilities.  The development was financed by CCRC, National Equity Fund, JP Morgan Chase & Co., the County of Santa Barbara, NeighborWorks, and TCAC.  We thank everyone who contributed to this project and extend a warm welcome to Casas del las Flores’ new residents.

CCRC congratulates PSHH for the completion of Casas de las Flores, their 40th development completed in its 40th year of operation.