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Developer Awarded Tax Credits For Local Affordable Housing Project

Published on Monday, November 29, 2021 | 5:00 am
 

Bridge Housing Corporation was awarded a reservation of federal nine percent low income housing tax credits by the California Tax Credit Allocation Committee for the development of an affordable housing project in Pasadena.

The tax credits represent the final funding source necessary for Heritage Square South to move forward into construction in late-Spring 2022.

Located at the northeast corner of Fair Oaks Avenue and Orange Grove Boulevard, the project will provide affordable rental housing for chronically homeless seniors. Supportive services for the residents will be provided by Union Station Homeless Services.

The City’s financial support for the project includes a below-market rate ground lease, $4,993,683 in loan assistance and rental subsidy housing vouchers for 69 units to ensure that residents with extremely low incomes will remain stable in their new homes. The project is scheduled to be completed and ready for occupancy before the end of 2023.

The Heritage Square South project is Bridge’s second phase of affordable senior housing to be built on the southern portion of the City-owned block bounded by Fair Oaks Avenue, Orange Grove Boulevard, Wheeler Lane, and Painter Street currently occupied by Church’s Chicken which will remain until shortly before the start of construction. The first phase, the 70-unit Heritage Square Senior Apartments at 768 N. Fair Oaks Avenue, was constructed in 2017.

Bridge Housing was selected to construct the project during a hearing before a packed council chamber that included speakers from the city’s affordable housing advocacy community.

Bridge has committed to hiring a number local residents to work on the project and plans to use local contractors and materials from Pasadena businesses.

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