We are proud to announce the recent closing on two affordable senior housing communities. We completed our first acquisition-preservation l closing in the state of Oregon for the rehabilitation of Olive Plaza Apartments. This 12-story apartment building with 150 one-bedroom units is located in downtown Eugene. With the help of The City of Eugene, Oregon Housing and Community Services, HUD, Enterprise and Umpqua Bank, we will be able to modernize the 40-year-old building and preserve and extend the HUD Section 8 HAP for another 20-years. This will allow us continue serving low-income seniors 62 years of age and older.
In addition, Clark Terrace in Norco, California also closed financing. This project is the third rehabilitation Beacon Development Group and HumanGood Affordable Housing have undertaken under HUD’s RAD for PRAC (Rental Assistance Demonstration for Project Rental Assistance Contracts) program. Clark Terrace two adjacent 2-story apartment buildings consisting of 80 one-bedroom total units which serve low-income seniors 62 years of age and older.