California Nonprofit Teams With New Markets Partners To Build For-Sale Housing

摘要

Heritage Housing Partners (HHP) has purchased two properties in Pasadena and Glendale, Calif., on which it plans to build 61 for-sale homes for low- and moderate-income buyers with a combination of $13.6 million in New Markets tax credit (NMTC) investments and affordable housing funds from the two cities. HHP will break ground this spring in Pasadena, and the Glendale project will commence in the fall of 2007, after land use entitlements are obtained. Charles Loveman, HHP executive director, said that real estate has become so expensive in this market that the nonprofit could only afford to build or rehabilitate one or two homes at a time. HHP's mission is to buy and rehabilitate vacant or foreclosed housing for low- and moderate-income families. It also preserves historic homes.