Standard Communities, the affordable housing division of Standard Companies, led a public-private partnership that acquired Foothill Villas Apartments, a 100 percent affordable community comprising 239 units in 37 residential buildings on a 22-acre site in San Bernardino. This transaction, which extends the affordability of Foothill Villas for the long term, has a total capitalization of approximately $97 million.

It was financed with tax-exempt bonds through the California Debt Limit Allocation Committee and federal Low-Income Housing Tax Credits provided by the California Tax Credit Allocation Committee. All units are covered by a project-based Section 8 Housing Assisted Payment contract. Standard Communities completed this transaction in partnership with the U.S. Department of Housing and Urban Development and the nonprofit Housing On Merit.

Standard will undertake a $20.4 million comprehensive renovation of Foothill Villas, investing more than $85,000 per unit. The renovation is to include the installation of a 750-kW solar photovoltaic system.

Foothill Villas Apartments was built in 1966 and is located at  2601-2675 West 2nd St. in an Opportunity Zone.