Standard Communities and Faring have formed a joint venture to create more than $2 billion of missing-middle housing throughout California in the next 18 to 24 months. The strategic partnership, Standard-Faring Essential Housing, will engage in both ground-up development of middle-income housing and the acquisition and conversion of existing market-rate properties.

Utilizing California’s public-private partnership structure designed to facilitate the creation of middle-income housing, Standard-Faring Essential Housing recently created more than 650 units of dedicated middle-income housing in Southern California with a total capitalization of more than $400 million. 

These transactions utilized tax-exempt bond financing provided by CSCDA Community Improvement Authority. Upon taking ownership, CSCDA worked with Standard-Faring Essential Housing as project administrator to immediately lower rents for new residents who qualify.

“By focusing on middle-income housing, California cities can ensure that middle-income families and essential workers such as first responders, hospital and healthcare staff, and teachers can afford to live near their jobs in the communities they serve,” said Jeffrey Jaeger, principal and co-founder of Standard Communities.