LIIF partnered with Community Vision to assist developer Burbank Housing in their effort to modernize West Avenue Apartments, a 38-year-old Sonoma County property in Santa Rosa, California that is home to households earning 30%-60% of area median income (AMI). Each organization provided half of a $9.75 million construction loan that offers bridge financing to the California Department of Housing and Community Development’s Portfolio Reinvestment Program (PRP), which will provide permanent financing and serves as the committed takeout source upon rehab completion. Additionally, $995,000 in Capital Magnet Funds (CMF) was used.
Home to households earning 30%-60% of area median income (AMI).