By DENNIS WYATT
Managing editor of the
Manteca (Calif.) Bulletin
American Recovery & Reinvestment Act money is been married with Manteca Redevelopment Agency fund and US Bank financing to build a 52-unit apartment complex designed for low-income seniors.
Magnolia Court being developed by Affirmed Housing Group is one of the first projects in California to receive the ARRA funds. The federal stimulus money is in lieu of Afford Housing being able to secure tax credits from the California Tax Credit Allocation Committee.
The complex being built behind Burger King and Dribble’s Car Wash will cost roughly $6 million and includes $2 million in RDA funding. Funding courses such as tax credits RDA funds and now the ARRA money essentially buys down the cost of projects by providing funding that doesn’t have to be paid back as long as the non-profit builds and maintains subsidized housing as promised.
Magnolia Court will consist of a two-story building with an elevator. There are 36 one-bedrooms, nine two-bedrooms, and seven studio units planned.
There will be a centrally located commons building, an on-site manager and maintenance staff, and recreation center for residents.
Unit amenities include a refrigerator, garbage disposal, range as well as a patio or balcony.
The complex is target for completion in late summer.
When completed, there will be 211 subsidized senior housing units in Manteca between Magnolia Court, Eden Housing’s Almond Terrace, and Eskaton’s Manteca Manor.
There ultimately will be 1,505 age-restricted houses for those 55 and older including the 1,425-home Del Webb at Woodbridge neighbor now under construction and Manteca’s original age-restricted and gated community known as Camellia Gardens on East Yosemite Avenue that has 80 homes.
Manteca also has two age-restricted mobile home parks with 490 spaces.
Altogether, Manteca has 2,206 age-restricted units either in place or in the process of being built. That represents just less than one out of ten of every housing unit in Manteca. The city had 23,000 housing units on Jan. 1, 2009.
The new project will provide managed housing to seniors with incomes at or below 50 percent of the county’s median income. That means if a resident has an income of $10,000 a year, the rent is only $3,000 annually. That is significant since the typical one-bedroom apartment in Manteca rents for $650 a month or $7,800 a year.
The typical senior applying has an income of only $780 a month in SSI plus Medicare. That would leave them with only $230 a month for utilities, food and medicine.
Managing editor of the
Manteca (Calif.) Bulletin
American Recovery & Reinvestment Act money is been married with Manteca Redevelopment Agency fund and US Bank financing to build a 52-unit apartment complex designed for low-income seniors.
Magnolia Court being developed by Affirmed Housing Group is one of the first projects in California to receive the ARRA funds. The federal stimulus money is in lieu of Afford Housing being able to secure tax credits from the California Tax Credit Allocation Committee.
The complex being built behind Burger King and Dribble’s Car Wash will cost roughly $6 million and includes $2 million in RDA funding. Funding courses such as tax credits RDA funds and now the ARRA money essentially buys down the cost of projects by providing funding that doesn’t have to be paid back as long as the non-profit builds and maintains subsidized housing as promised.
Magnolia Court will consist of a two-story building with an elevator. There are 36 one-bedrooms, nine two-bedrooms, and seven studio units planned.
There will be a centrally located commons building, an on-site manager and maintenance staff, and recreation center for residents.
Unit amenities include a refrigerator, garbage disposal, range as well as a patio or balcony.
The complex is target for completion in late summer.
When completed, there will be 211 subsidized senior housing units in Manteca between Magnolia Court, Eden Housing’s Almond Terrace, and Eskaton’s Manteca Manor.
There ultimately will be 1,505 age-restricted houses for those 55 and older including the 1,425-home Del Webb at Woodbridge neighbor now under construction and Manteca’s original age-restricted and gated community known as Camellia Gardens on East Yosemite Avenue that has 80 homes.
Manteca also has two age-restricted mobile home parks with 490 spaces.
Altogether, Manteca has 2,206 age-restricted units either in place or in the process of being built. That represents just less than one out of ten of every housing unit in Manteca. The city had 23,000 housing units on Jan. 1, 2009.
The new project will provide managed housing to seniors with incomes at or below 50 percent of the county’s median income. That means if a resident has an income of $10,000 a year, the rent is only $3,000 annually. That is significant since the typical one-bedroom apartment in Manteca rents for $650 a month or $7,800 a year.
The typical senior applying has an income of only $780 a month in SSI plus Medicare. That would leave them with only $230 a month for utilities, food and medicine.
