Nonprofit BRIDGE Housing acquired the 100-apartment property in 2015 with the goal of preserving the property's affordability and making needed capital improvements. BRIDGE is a nationally recognized nonprofit developer, owner and manager of affordable housing.
Renovations included the replacement of aging building elements and systems with more efficient and higher-performing alternatives and the restoration and enhancement of the building's physical condition. Energy efficiency upgrades included the installation of solar photovoltaic panels that generate electricity for residents’ apartments and common areas.
Property amenities include a clubhouse, two outdoor courtyards and newly created community garden beds. The recapitalization also provided funding to enhance on-site services. Residents have access to programs such as wellness and nutrition classes and referral services, free of charge.
“We’re proud to have had the opportunity to preserve and enhance these much-needed homes for low-income seniors in Pacifica,” said Cynthia A. Parker, President and CEO of BRIDGE. “We look forward to keeping the affordability in place for at least the next 55 years.”
Financing for the $34 million recapitalization was provided by the County of San Mateo Department of Housing, the Housing Authority of the County of San Mateo, Merritt Community Capital Fund XVII, the California Housing Finance Agency, HEART of San Mateo County, the California Tax Credit Allocation Committee and the California Debt Limit Allocation Committee. The rehabilitation architect was Marx | Okubo Associates and the general contractor was Deacon Corp.
Among the expected speakers at the rededication: San Mateo County Supervisor Don Horsley; Tia Boatman Patterson, California Housing Finance Agency; Janet Stone, San Mateo County Department of Housing; Armando Sanchez, HEART of San Mateo County; Suzanne Vice, Merritt Community Capital; Ocean View resident Joseph Leming; and Ann Silverberg and Ali Gaylord of BRIDGE Housing.
For more information about BRIDGE, visit bridgehousing.com.
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EVENT PHOTOS: https://goo.gl/Rr1Dhq
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