June 9, 2020 — Boston Capital is investing in the development of The Dahlia Apartments, a 56-unit permanent supportive housing development serving the homeless in Los Angeles, California. This investment represents Boston Capital’s 28th partnership with Affirmed Housing, based in San Diego.
“With our good friend and partner Jim Silverwood and the folks at Affirmed Housing, we are excited to be involved in creating much-needed supportive housing for individuals facing homelessness in Los Angeles,” said Jack Manning, president and CEO of Boston Capital. “We are thrilled to be part of a team helping fill a great need for permanent supportive housing in California, and helping individuals transition from homelessness.”
The Dahlia Apartments will feature 43 studios and 12 one-bedroom units, as well as one manager’s unit. The apartments will be fully furnished including standard kitchens with microwaves and central air conditioning. Development amenities will include a laundry room, community room, computer area, bicycle storage and an open terrace located on the 4th floor. Residents of the apartment community will benefit from on-site supportive services by Homeless Health Care LA, which will provide intensive case management services for the 55 homeless individuals.
The Dahlia Apartments will serve individuals earning 30 percent or less of the Area Median Income (AMI). The apartment community will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. To date, Boston Capital has invested in more than 17,000 affordable apartments in California.
“With its severe shortage of affordable housing and a growing homeless population, creating and preserving affordable housing in California continues to be a focus for Boston Capital,” added Mr. Manning. “During this unprecedented health and economic crisis, it’s more important than ever that we continue to invest in affordable housing.”
About Affirmed Housing:
Founded in 1992, Affirmed has successfully developed 55 communities with over 4,300 affordable rental and for sale apartments and homes. The Affirmed pipeline of projects currently includes about 1,300 apartments, each at various stages of development. Affordable housing developments include new construction and rehabilitation of senior, special needs, veteran and family rentals. Affirmed has comprehensive knowledge in residential development including site selection, engineering, architecture, construction, relocation, and marketing. With extensive knowledge in public & private finance, Affirmed is highly skilled and innovative in development funding.
With close to 30 years of successful development experience, Affirmed Housing has proven relationships with lenders and investors. In an industry requiring expertise in specialized financing, Affirmed has effectively utilized creative sources to finance their award winning communities. Sources have included bank, equity, local, state, and federal funding.