Project Type: Mutli-Family, Senior Living
Total Units: 156, Available at 30%-60% of AMI, 55 years and Older
Typical Unit Size: 644 sf
Site Size: 2.5 acres
Density: 62 du/ac
Developer: Simpson Housing Corporation
Average Rent: $674/mo.
Location: The site is located at 8622 Stanton Ave. Buena Park, CA 90620.
Project Financing and Background: The success of the Dorado Senior Apartments project lies in the financing of the final product. The developer utilized tax credits and federal affordable housing funds in order to make the project successfully pencil out. The project was awarded the 2007 Pillars Award from the National Association of Home Builders recognizing it as the most creative financing of an affordable housing project in the United States. Financing included:
- $17-million in tax credit equity
- $1.2-million from the City of Buena Park Redevelopment Agency
- $1.2-million from the County of Orange Housing & Community Services Department
- A developer note of $862,146
- Federal Affordable Housing Program funds of $600,000
- Permanent financing of $6,273,211
- Total of Approximately $28 Million
Product Design and Eligibility Information: According to the City of Buena Park, “Of the 150 units, 18 are two-bedroom apartments, while the rest are one-bedroom, with rents ranging from $400 to 950 per month. To qualify for the housing, applicant income may not exceed $31,800 for one person or $36,300 for two. Certain units, however, are set aside for applicants with even lower qualifying income.”
