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By Vanguard Staff<\/p>\n
GLENDALE, Calif. \u2014 California Community Reinvestment Corporation (CCRC) announced it provided a $1.333 million permanent loan to help finance Serenade on 43rd, an affordable housing development in San Diego that recently received the 2026 Ruby Award for Project of the Year \u2013 Rehabilitation from the San Diego Housing Federation.<\/p>\n
The financing supported the rehabilitation of 20 existing affordable apartment homes and the construction of 45 new residences, creating a 65-home affordable housing community in San Diego\u2019s City Heights neighborhood. The development also includes supportive housing for individuals transitioning out of homelessness.<\/p>\n
The Ruby Award recognizes affordable housing developments for excellence in design, development and community impact.<\/p>\n
\u201cAffordable housing doesn\u2019t happen without strong financing and strong partnerships,\u201d said Tia Boatman Patterson, president and CEO of California Community Reinvestment Corporation. \u201cSerenade on 43rd is a great example of what can be achieved when experienced developers have access to the long-term capital they need. We\u2019re proud to have provided financing for a project that is expanding affordable housing opportunities and making a meaningful difference in the City Heights community.\u201d<\/p>\n
According to CCRC, the permanent loan will help ensure the property remains affordable over the long term.<\/p>\n
Serenade on 43rd was developed by Wakeland Housing and Development Corporation in partnership with Housing Innovation Partners. The project combines rehabilitation of an existing affordable housing property with new construction to expand the number of affordable homes available in the City Heights neighborhood.<\/p>\n
CCRC said it has spent nearly four decades working with affordable housing developers, financial institutions and public agencies to finance affordable housing projects across California. The organization provides permanent loans and other financing designed to preserve existing affordable housing, support new construction and promote the long-term financial stability of properties serving working families, seniors, veterans and people experiencing or at risk of homelessness.<\/p>\n
The organization said financing partners play a critical role in helping developers assemble the complex funding required to complete affordable housing projects and maintain long-term affordability.<\/p>\n
\u201cWe\u2019re honored to work with developers and community partners who are committed to creating more affordable housing across California,\u201d Patterson said. \u201cEvery project we finance represents an investment in stronger communities, and it\u2019s rewarding to see those efforts recognized.\u201d<\/p>\n
CCRC said it remains focused on financing projects that preserve existing affordable housing, support new development and expand affordable housing opportunities throughout California as the state continues to face a housing affordability crisis.<\/p>\n
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