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”