Laurel Crest Apartments – Lancaster, CA
Clearinghouse CDFI (CCDFI) provided a $1,900,000 loan to Laurel Crest, L.P. This financing supports the refinancing of existing debt and provides funding for capital improvements for an affordable housing complex.
The Laurel Crest Apartments, managed by Jamboree Housing Corporation, are strategically positioned in a transit-oriented zone, fostering an eco-conscious community. Residents benefit from both the affordability and the healthy lifestyle promoted by easy access to public transportation. Financing provided by CCDFI supports the refinancing of Laurel Crest’s existing loan and provides cash out for capital improvements to upgrade amenities aimed at enriching the living experience of residents. Among the 71 eco-friendly housing units, 59 units are designated for tenants earning below 50% of the Average Median Income (AMI), and an additional 12 units are for those earning less than 60% AMI.
Jamboree Housing Corporation, established in 1990, is a nonprofit affordable housing developer with an abundance of experience in creating affordable housing in California. Jamboree is focused on creating affordable housing that changes lives and strengthens communities.
Read the full story here: Just Funded – Laurel Crest Apartments
Provides 71 units of eco-friendly affordable housing for low income individuals and families with 59 units leased to tenants below 50% AMI and 12 units leased below 60% AMI
Refinances current loan and provides cash out for capital Improvements
