Clearinghouse CDFI provided $6,000,000 in financing for the acquisition of a vacant site that will be developed into approximately 140-units of affordable housing in Napa, California.
Napa Community Real Estate Fund LP brings together a team of people each with extensive experience in their field. Charles Loveman, the executive director of Housing Partners (HHP), a nonprofit housing developer, brings over 20 years of affordable housing development experience. Richard Lura has over 25 years as a general contractor and builder of housing throughout California. Michael Williamson is a partner with Buchalter Nemer in Los Angeles and serves on the board of HHP. Mr. Williamson has long been passionate about affordable housing.
The renovated units will contain a mix of stacked flats, market rate courtyard housing, historic buildings, and single-family homes. The stacked flat units will contain 60 to 75 units, of which 23 will be affordable to families with incomes of 70% AMI or less and the remainder will be to families with incomes of 80% AMI of less.
Download the PDF: Just Funded – Napa Community Real Estate Fund