CalHFA Approves $11.5 Million in Financing for Preservation of Affordable Housing in Anaheim
January 8, 2013
ANAHEIM, CA – The California Housing Finance Agency (CalHFA) has approved $11.5 million in bond financing to assist with the preservation and rehabilitation of Villa Anaheim, a 135-unit affordable senior housing complex in Anaheim.
Financing for the work is being made in part through CalHFA's Portfolio Preservation Loan Program, which provides acquisition, rehabilitation and permanent loans for improvements to existing affordable multifamily housing and makes them more energy efficient.
Built in 1994, Villa Anaheim, 3305 W. Lincoln Ave. in Anaheim, has easy access to freeways and public transportation. The 135-unit complex is close to medical facilities, retail shops, a senior center and fast-food locations.
"The preservation and restoration of Anaheim is a necessity to the senior citizens of Anaheim," said Claudia Cappio, CalHFA Executive Director. "Our Portfolio Preservation Program is designed to ensure that affordable housing we financed many years ago remains affordable for Californians."
The Portfolio Preservation Program supports a cleaner environment by requiring a Green Physical Needs Assessment on all developments.
Cost-effective and environmentally friendly upgrades for Villa Anaheim include Energy Star appliances, insulation, HVAC system and many other upgrades. The rehabilitation work will increase energy efficiency by 21%.
Villa Anaheim will also receive concrete site paving, storm drains, site and street furnishings, and window replacements, among other upgrades in common areas and residential units. Work is scheduled to begin at Villa Anaheim by January 2013 and is projected to be completed within a year.
CalHFA was established in 1975 with the goal of helping more Californians live in a home they can afford. CalHFA's Multifamily division has invested more than $2 billion for the construction and preservation of 36,000 affordable rental housing units assisting nearly 85,000 very low and low income Californians.
For more information and qualification requirements on CalHFA's Portfolio Preservation Loan Program and the full complement of CalHFA programs, please visit www.calhfa.ca.gov or call toll free 877.9.CalHFA (877.922.5432).
Contact: Melissa Flores