Boost in Affordable Senior Housing Units

NORWALK, CA-Icon Builders has completed construction of the Norwalk Tower, a 185-unit affordable senior housing complex. The 100% section-8 complex will provide seniors age 62 and older who earn 50% of the area’s medium income with an alternative and sustainable housing, option.

Preservation Partners Development and Innovative Housing Opportunities purchased and renovated the property using 9% low income tax credits obtained through TCAC and a HUD 221(d) 4 loan. Additional funding was provided through equity partner Hudson Housing. The total cost of the renovation project was $12 million, which included several impressive sustainable elements like LED lights, a rooftop mounted solar thermal water-heating system, high efficiency windows and regenerative elevators.