324 Units
Pacific SW Community Development Corporation

Monterey Pines

680 South 37th Street, Richmond, CA 94804

Property Overview
  • Existing Section 42 LIHTC property
  • Financed with Freddie Mac’s Bridge to Re-syndication TEL program
  • Implementation of 50 project based vouchers from Richmond Housing Authority
  • Planned 2018 tax credit resyndication with budgeted rehab scope of 22.6mm ($70k per unit) and conversion of 47 market rate units to 60% AMI upon syndication
  • Added extensive resident service programs, which are not required
  • Occupancy has improved from 92% to 98% with a waiting list since takeover
Affordable Requirements:
  • Placed in service in 2000
  • TCCP ends on December 31, 2015
  • LIHTC LURA – 10% at 40% AMI, 25% at 45% AMI, and 50% at 50% AMI”