$6.9 Million in LIHTC Leads to Senior Affordable Housing

Seniors in the Long Beach, CA region looking for affordable housing, have a new option thanks to WNC, a national real estate investor. 

Announced this week by the California-based WNC, the Ramona Park Senior Apartments affordable senior housing community is complete. The 61-unit property was built as a result of redeveloping the existing bank building that occupied the space. 

Through the development efforts of DL Horn & Associates, LLC, along with WCH Affordable IV LLC and PC Long Beach Developers LLC, the vacant former bank building was demolished in order to construct Ramona Park.

“The creative reuse of this space was a collaborative effort involving input from neighborhood community members and the City of Long Beach Planning Department,” said WNC Executive Vice President and Chief Operating Officer Michael Gaber in a statement.

The affordable housing unit contains 49 one-bedroom units and 11 two-bedroom units in the three story building. The ground floor hosts a parking garage.

Seniors 55 and above with household incomes of up to 60 percent of the median income in the area are eligible to live in the facility, which boasts many amenities including a swimming pool, a reading area, a fitness center, a dining area and more.

“Ramona Park enhances the local area, and provides seniors with numerous recreational and unit amenities within a comfortable place to call home,” added Gaber.

To support the project, WNC offered $6.9 million in low-income housing tax credit equity.