Standard Communities, the affordable housing division of Standard Companies, announced it has led a public-private partnership that acquired Foothill Villas Apartments, a 100 percent affordable community comprising 239 units in 37 residential buildings on a 22-acre site in San Bernardino, CA.
Standard Communities completed this transaction in partnership with the U.S. Department of Housing and Urban Development (HUD), and the nonprofit Housing On Merit, the company said in a statement. The transaction has a total capitalization of approximately $97 million and was financed with Tax-Exempt bonds through the California Debt Limit Allocation Committee (CDLAC) and Federal Low Income Housing Tax Credits provided by the California Tax Credit Allocation Committee (TCAC), Standard said. All units are covered by a Project-Based Section 8 Housing Assisted Payment (HAP) contract.
“In addition to saving the residents an average of $1,050 annually in electricity costs, the 1.368 million kWh of electricity generated each year by the new solar photovoltaic system will provide significant environmental benefits,” said Jeff Jaeger, co-founder and principal of Standard. “This system will offset the equivalent of 968 metric tons of carbon, which is the equivalent of cars driven 2.4 million miles annually or consuming 109,000 gallons of gasoline.”
