Federal Funding Moves Project from Drawing Board to Construction: Yucca Valley Senior Housing Project Gets Tax Credit Cuts
10/12/2012 02:56PM ● Published by Denise Brown
The California Tax Credit Allocation Committee endowed the Yucca Valley Project federal tax cuts, which will create over $11 million in equity financing for their 75-unit affordable senior housing project. The site will be located adjacent the Yucca Valley Town Hall. The senior housing project was one of 46 projects that were given tax credits at the Sacramento hearing. “These federal tax credits complete the funding required to deliver these 75 units to the Town of Yucca Valley,” said Steve Pontell, Chief Executive Officer for National Community Renaissance Company (NCRC), the non-profit development entity chosen to deliver the project.
The $17 million project is being funding through a series of sources including $16 million from the County of San Bernardino HOME funding program, $11.2 million in tax credit equity financing, $1.3 million in traditional lending, and $2.9 in the town’s commitment of low/mod funding, development impact fees and land in a residual receipts loans. The project will be ready for construction within the next 180 day. “Residents should expect to see ground moving in the spring of 2013,” said Mayor Dawn Rowe. “We continue to have seniors dropping by Town Hall asking when they can apply for the housing. With the award of these federal tax credits, that day just got a lot closer,” said Rowe.