SONOMA, CA—Due to the aging Baby Boomer segment, California's senior population has been growing at a rapid pace for the past few years. Now, with the onset of an unprecedented pandemic that has sent unemployment rates soaring higher than during the Great Depression, providing affordable and safe housing for seniors and other vulnerable populations is suddenly even more crucial.

Looking to ease the affordable housing crisis that plagues the Bay Area, MBH Architects in collaboration with Jon Worden Architects assisted MidPen Housing Corporation in designing Fetters and Celestina Garden Apartments. This master-planned multi-generational affordable rental housing development for low-income families was made possible with tax credits and multiple layers of financing.

"Fetters and Celestina, both 100% affordable, would not have been able to be built with this level of affordability by traditional financing," Rick Christiani, principal and architect of MBH Architects, tells GlobeSt.com. "These developments were made possible through MidPen Housing's commitment to and history of providing high-quality affordable housing that is integrated into the surrounding community. Because they develop and manage their properties, they have established multiple layers of financing and use of tax credits that they can use to make their proforma work."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.