Project Type: Multifamily
Total Units: 186
Site Size: 10 Acres
Density: 19 du/ac
Developer: Jamboree Housing Corporation
Regional Location: This development is located in the City of San Clemente in the southern portion of Orange County. San Clemente enjoys access to the coast as well as convenience to its local employment centers and larger job centers in the north in Irvine and Anaheim.
Planning and Site Background: The process for constructing the Mendocino at Talega complex illustrates one of the finest examples of public education and policy implementation within Orange County. The project is the result of a well qualified developer in Jamboree Housing, a committed local government, and a creative and effective financing plan. Jamboree Housing worked for 6 years in order to educate residents and work with city officials to design a politically feasible zoning ordinance that would provide affordable housing among 15% of newly constructed homes. The project was awarded a Maxwell Award of Excellence in 2004 by the Fannie Mae Foundation recognizing it as an Innovative Partnership in Affordable Housing
Product Design and Information: The project is composed of 90 two-bedroom units and 96 three-bedroom units. The product’s high quality is on par with the surrounding residential housing stock.
Acquisition and Project Financing: From http://www.jamboreehousing.com
“The 10-acre site was donated to JHC by Talega Associates, LLC, as part of the City of San Clemente’s affordable housing program. Financing for Mendocino at Talega included $13.77 million in tax-exempt bonds issued by The County of Orange and purchased by U.S. Bank; a $4.5 million loan from the State of California Multifamily Housing Program; a $2.7 million loan from the Orange County Dept. of Housing and Community Development; $5.2 million in Low Income Housing Tax Credit equity, purchased by Lend Lease; an $837,000 loan from the Affordable Housing Program of the Federal Home Loan Bank of San Francisco; a $613,000 loan from the City of San Clemente; and a $660,000 redevelopment loan from the Low Income Housing Fund (LIHF).