Public-Private Projects

Brief: The creative reuse of publicly owned land and multiple financing mechanisms can be implemented through public-private partnerships that create projects that would otherwise be unlikely or impossible to build.

Description: Although no formal description exists, any development opportunity involving the cooperation of private companies and public agencies would constitute a public-private venture.

Examples:
Dorado Senior Apts., Buena Park, CA
The development offers units to renters 55 and older earning from 30% to 60% of the area median income. The community offers low monthly rents averaging $674.25 as opposed to rents of about $1,300.00 for comparable market-rate apartments in Orange County. To achieve required affordability, the intricate financing package included $17-million in tax credit equity; $1.2-million each from the City of Buena Park Redevelopment Agency and the County of Orange Housing & Community Services Department; a developer note of $862,146; federal Affordable Housing Program funds of $600,000; and permanent financing of $6,273,211, for a total of $28,011,382.

EXPLORE CASE STUDY:

Dorado Senior Apartments

Manchester Walk, Orange, CA
The Olson Company and the City of Orange partnered on the development of Manchester Walk to provide 18 townhomes that sold for around $350,000, compared to the remaining market-rate homes in the project that sold in the high $500,000s. Olson earned the right to build the project on a one-acre site through a city-sponsored RFP process, and made a commitment that half of the units would be affordable.

EXPLORE CASE STUDY:

University Heights, Alexan Bellecour


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