Bank-funded affordable housing changes California residents’ lives

September 15, 2023
Apartment building
The Amanecer development in San Diego's Linda Vista neighborhood.

In the last 20 years, U.S. Bancorp Impact Finance funding has created 38,000 residential units in the state

California resident Jodanna Harding used to feel left out when she passed by neighborhoods and apartment communities.

“I would think, if I just could live there, or if I could just get a room in a house like that, or I'd be so happy if I could just get an apartment and stop living in my car. And showering at the gym. And cook like an actual meal, in an oven,” she said.

Earlier this year, Harding’s thoughts became reality when she had the opportunity to move into Amanecer Apartments, a 96-unit affordable housing development in San Diego’s Linda Vista neighborhood.

“I remember when I got the email that asked if I wanted to apply for Amanecer, and I replied within minutes of receiving it,” she said. “When I got the email that my application was accepted, I cried.”

photo of Jodanna Harding
Jodanna Harding

Amanecer is the first of two properties being developed in that neighborhood by Community HousingWorks. U.S. Bancorp Impact Finance facilitated $35 million in construction financing along with a $2.7 million term loan commitment toward the development.  

“Communities like Amanecer don’t happen without the support of financial partners,” said Lindsay Ball, marketing and communications manager for Community HousingWorks. “It’s typically very difficult to put together the financing for these types of developments. We are incredibly grateful for the support of U.S. Bancorp Impact Finance.” 

Amanecer is just one example of dozens of affordable housing developments in California that Impact Finance has supported over the years. Over the last 20 years in California, Impact Finance has invested $3.7 billion in equity and $2.97 billion in debt, and completed 372 equity deals and 212 debt deals for a total of 38,000 residential units.

“There is a critical affordable housing need in California,” said Impact Finance Business Development Officer Sebastian Glowacki. “For decades, our financing has helped provide a stable, quality place to live for those who need it most. It’s a privilege for our team to hear stories like Jodanna’s and know what a difference affordable housing makes in individual lives and our communities.”

The second property that Community HousingWorks is developing in the Linda Vista neighborhood is designed for seniors. Together, the two properties are planned to form a new intergenerational community.

In other parts of the state, multiple affordable housing developments supported by Impact Finance were recently completed or underway. In other parts of the state, multiple affordable housing developments supported by Impact Finance were recently completed or underway. A few examples include Mirasol Village or “Twin Rivers” in the Bay Area, a multi-phase Choice Neighborhoods Initiative redevelopment of a former public housing complex in Sacramento. Impact Finance served as the construction lender and equity investor in that project, totaling more than $85 million.

In Los Angeles, a few current projects include the West L.A. Veterans Project & Castle Argyle. For the West L.A. Veterans Project, Impact Finance is providing a $34.5 million construction loan to finance MacArthur Field, a 75-unit new construction to be located on the Veterans Affairs West Los Angeles Campus that will serve homeless people and special needs veterans making between 30% and 50% of the area’s median income. Impact Finance invested $23 million in Low-Income Housing Tax Credits and a $31 million construction loan for Castle Argyle, which renovated 96 senior studio and one-bedroom units.

Whether it’s seniors, veterans, teens aging out of foster care, or women like Harding, having a place to call home opens new doorways to brighter futures, Glowacki said. For example, at Amanecer, California HousingWorks offers the Sue Reynolds Valor Scholarship to high-achieving residents who want to pursue postsecondary education.

Harding, the 2023 recipient, saw the announcement for the Valor Scholarship on the board in the laundry room, which mentioned GEDs (General Educational Development diplomas) as one of the available awards.

“I went upstairs and in MY living room, with my dark blue couches, where I'm safe, I'm in no danger, I began to dream. What if? What if I actually got my GED? I want to pursue a degree that will allow me to give back after all that I've taken,” she said. “I want to help others find their dreams.”

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