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Construction & Permanent loan with LIHTC Equity
Finca Serena will be a new construction of a blended occupancy property that will offer permanent supportive housing for homeless individuals and families in Tulare County, California.
KeyBank provided a $23MM construction loan, a $2.5MM permanent loan and $15MM in LIHTC equity. The development received support from the California Department of Housing and Community Development who awarded the project $17MM in funding under the California No Place Like Home Program and the HOME Program. The Property also received 20-year rental subsidies from the Kings/Tulare Homeless Alliance under the HUD Continuum of Care Program, and the Tulare County Health and Human Services under the NPLH Program as well as a Capitalized Operating Subsidy Reserve (COSR). The County of Tulare will provide mental health and other supportive services to residents for 20 years.