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.
Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM.
In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.
CRE courses for CE credits
Get CE course credits, centered around all things CRE. View our courses today!