Affordable Housing in California Gets a Boost From U.S. Bank; Non-Profit Developer Secures $13.7 Million Loan for New Rental Units.Business Editors IRVINE, Calif.--(BUSINESS WIRE)--Dec. 13, 2001 Jamboree Housing Corporation, a non-profit housing Non-profit housing is owned and managed by private non-profit groups such as churches, ethnocultural communities or by governments. Non-profit housing uses private funding and government subsidies to support a rent-geared-to-income program for low-income tenants. developer based in Irvine, Calif., will receive a $13.7 million loan from U.S. Bank to build 124 units of affordable, multifamily rental housing in the new mater-planned community of Talega, which is located in San Clemente San Clemente (săn klĭmĕn`tē), city (1990 pop. 41,100), Orange co., S Calif., on the Pacific coast; inc. 1928. Camp Pendleton, a large U.S. marine base, adjoins the city, which is chiefly residential. , Calif. Affordable housing is a welcome development with the cost of renting an apartment in South Orange County on the rise. Average rental rates rose by 6.5 percent per year from mid-1994 to 2000, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a market study prepared by Market Profiles, a real estate research firm in Costa Mesa Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. , Calif. The average rent for a two-bedroom, two-bath unit in South Orange County rose from $1,145 to $1,331 during the second quarter of 2000. Average rent for a three-bedroom, two-bath unit rose from $1,461 to $1,678 during the same time period. "Without assistance, many families do not have the option of decent, safe, affordable housing," said Laura Archuleta, president of Jamboree Housing Corporation. "Our Jamboree-Talega development will provide the opportunity for not only a different environment, but also a different life. U.S. Bank understands the affordable housing crisis in Orange County and was key in making this project a reality." Occupancy of the proposed 124-unit Jamboree-Talega development will be for households with incomes ranging from $58,400 (40 percent of California's state median income) to $73,700 (60 percent of Orange County MSA (Metropolitan Service Area) An urban area with at least 50,000 people plus surrounding counties. There are 306 MSAs and 428 RSAs (rural service areas) in the U.S. MSAs and RSAs are used to allocate cellular licenses. Area Media Income). The Jamboree-Talega development will be almost equally divided between two-bedroom and three-bedroom units. For income-qualified households, monthly rental rates for a two-bedroom unit are projected to range from $526 to $994, and for three-bedroom units, from $607 to $1,149. "Jamboree Housing Corporation is one of the leading non-profit housing developers in Southern California Southern California, also colloquially known as SoCal, is the southern portion of the U.S. state of California. Centered on the cities of Los Angeles and San Diego, Southern California is home to nearly 24 million people and is the nation's second most populated region, ," said Sally Lang, vice president of the Southern California Community Lending Division of Commercial Real Estate at U.S. Bank. "We are delighted to have an opportunity to work with them in the development of affordable housing in Orange County, an area in dire need of affordable rental housing." Additional sources of financing consist of: a $4.5 million loan from the California State Housing and Community Development division; $2,723,645 from the Orange County Housing and Community Development division; a Federal Home Loan Bank (San Francisco San Francisco (săn frănsĭs`kō), city (1990 pop. 723,959), coextensive with San Francisco co., W Calif., on the tip of a peninsula between the Pacific Ocean and San Francisco Bay, which are connected by the strait known as the Golden ) Affordable Housing Program loan in the amount of $837,000; and $613,080 from the City of San Clemente. Jamboree Housing Corporation owns 1,682 units of multifamily housing comprising 724 senior units and 958 family units. They have developed more than 131 homeownership units utilizing their first-time homeownership program and Mortgage Credit Certificate (MCC (The Microelectronics and Computer Technology Corporation, Austin, TX) The first high-tech research and development consortium in the U.S., created in 1982 by leading companies within the electronics industry. ) program. Jamboree Housing has considerable experience with the acquisition, renovation and development of multifamily projects for families and seniors, financed with tax credits and tax-exempt bonds, as well as other federal and state subsidies and grants. They helped the City of Irvine establish a MCC program that helps low-income homebuyers realize the dram of homeownership. They also developed and implemented a first-time homebuyer First-Time Homebuyer An IRA owner who is exempt from the early-distribution penalty (which applies to IRA distributions that occur before the IRA owner reaches age 59.5) for distributing funds from his or her IRA to buy, build, or rebuild a home when having had no interest in a program for the City of Irvine. Jamboree Housing Corporation employees have 60 years of combined experience in the housing industry. A volunteer board of directors provides policy direction. The board members have extensive experience in real estate acquisition, development, financing, rehabilitation, management and community outreach. Minneapolis-based U.S. Bancorp (NYSE NYSE See: New York Stock Exchange :USB USB in full Universal Serial Bus Type of serial bus that allows peripheral devices (disks, modems, printers, digitizers, data gloves, etc.) to be easily connected to a computer. ), with assets in excess of $168 billion, is the 8th largest financial services holding company in the United States. The company operates 2,186 banking offices and 4,937 ATMs, and provides a comprehensive line of banking, brokerage, insurance, investment, mortgage, trust and payment services products to consumers, businesses and institutions. U.S. Bancorp is home of the Five Star Service Guarantee which assures customers of certain key banking benefits and services or customers will be paid for their inconvenience. U.S. Bancorp is the parent company of Firstar Bank and U.S. Bank. Visit U.S. Bancorp on the web at usbank.com and Firstar Bank at firstar.com. |
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