For Immediate Release
Ramona Park Senior Apartments Breaks Ground
WNC has announced the groundbreaking of Ramona Park Senior Apartments, a planned 61-unit affordable senior housing community in Long Beach, California. WNC provided $7 million in low-income housing tax credit (LIHTC) equity to construct Ramona Park, a $22.5 million project.
“The groundbreaking of this new community represents another successful application of LIHTC funding to support desperately needed quality affordable housing in Long Beach and throughout the country,” said Will Cooper, Jr., President and Chief Executive Officer of WNC. “As one of the most active providers of LIHTC equity, WNC is proud to bring together the private and public sectors to help relieve the housing needs of Long Beach’s senior community through the development of Ramona Park Senior Apartments.”
Located at 3290 E. Artesia Blvd., Ramona Park Senior Apartments will be comprised of one- and two-bedroom units. Planned property amenities include a central courtyard, pool, spa, firepit, picnic area, fitness center, community rooms, classroom and recreation rooms.
Ramona Park Senior Apartments is being developed by Palm Communities, which has partnered with nonprofit Western Community Housing on the project. The development will serve citizens aged 55 and older with incomes of up to 60 percent of the Area Median Income (AMI). Construction is scheduled to be complete in April 2014.
“Ramona Park Senior Apartments has been financed at a time when funding for affordable housing has greatly diminished,” said Dan Horn, Chief Executive Officer of Palm Communities. “We are very pleased to see the project come to fruition and look forward to providing many local seniors in need with a safe and peaceful place to call home.”
A groundbreaking ceremony was held on March 12 to celebrate the launch of the development. The ceremony was attended by: City of Long Beach Mayor Bob Foster and 9th District Council Member Steven Neal; members of the board of directors of the Long Beach Housing Development Company; WNC representatives Will Cooper, Sr., Lisa Castillo, and Caroline Kim; Palm Communities representatives Dan Horn, Todd Deutscher and Welton Smith; and numerous other city representatives.
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