USA Properties Fund Inc. has started construction on Vintage at Woodman in Panorama City, bringing much-needed affordable senior housing to the community -- and a major milestone for one of the leading apartment community developer-builder-managers in the West.
The 239-apartment community, located in the 7700 block of North Woodman Avenue just west of Ventura Canyon Avenue, will be available for residents at least 55 years old that meet an expanded range of income limits, thanks to the California Housing Finance Agency's Mixed-Income Program. Vintage at Woodman is the first USA Properties project to use the Mixed-Income Program.
“We're committed to building quality communities that become home to our residents, helps meet the need for affordable housing and improves neighborhoods,” said Geoff Brown, President of USA Properties in Roseville. “Vintage at Woodman checks all those boxes, while also allowing us to tap into the Mixed-Income Program for the first time.”
With the Mixed-Income Program, renters earning 50% to 80% of the area's median income – about $45,000 to $72,000 for a two-person household leasing a one-bedroom apartment – could qualify for Vintage at Woodman.
“Vintage at Woodman is an example of the type of development that is key to addressing the housing crisis facing Los Angeles County and the entire state,” said Tia Boatman Patterson, Executive Director of the California Housing Finance Agency. CalHFA issued tax-exempt bonds and provided subsidy funds through its Mixed-Income Program for the project. “The mix of incomes in this project allows local residents to improve their financial and housing situations while staying at home in their community.”
The apartment community, featuring one- and two-bedroom units, is scheduled to be completed in spring 2023. Estimated rents will range from about $1,013 to $1,530 for a one-bedroom apartment, to $1,213 to $1,998 for two-bedroom, two-bath units.
Affordable rent does not mean basic – or boring. The five-story building will offer a long list of amenities, including a community room complete with computer workstations; a fitness room; a second-level courtyard with seating and a barbecue area; and a pet-wash station. Residents will have access to on-site laundry and social-service programs through LifeSTEPS.
“Vintage at Woodman caters very well to seniors with its close proximity to shopping and a major Kaiser Permanente facility,” said Jatin Malhotra, Acquisitions Manager for USA Properties in Roseville. “It's a very efficient project that makes the most of the Mixed-Income Program by taking an underutilized property and turning it into much-needed senior housing with a combination of very low, low- and moderate-income residents.”
So far, CalHFA has financed projects that will create about 3,750 units for mixed-income affordable housing in the state, Boatman Patterson said. USA Properties Fund -- which has more than 90 affordable and market-rate apartment communities in California and Nevada, including 11 in Los Angeles County -- is looking to partner with CalHFA and the Mixed-Income Program on other projects.
JPMorgan Chase, Citi Community Capital and RBC Capital Markets joined CalHFA on the $80 million Vintage at Woodman project that replaces an auto-repair business and small warehouses on the property.
“USA Properties and our partners are investing in the community and are looking forward to providing more housing,” Brown said. “And we will continue to look for other housing opportunities in the region and throughout much of the state.”