Platinum Triangle Project Lands Funding

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ANAHEIM, CA-Mercy Housing California has secured $13.9 million in funding from CharterMac Capital for a 60-unit affordable housing project in this city's Platinum Triangle, according to New York City-based CharterMac. The equity financing for nonprofit Mercy Housing will go toward the construction of a project called Vineyard Town Homes.

The development by Mercy Housing California, which is a subsidiary of national not-for-profit Mercy Housing Inc., is one of a host of new projects under way as Anaheim revitalizes an area near Angeles Stadium. The redevelopment effort aims to create a transit-oriented, mixed-use urban environment that will feature a regional transportation center, access to the planned California High-Speed Rail Line and the California-Nevada Maglev and other transit developments.

The new Mercy Housing project "will add qualityaffordable housing to a market where many would-be homeowners continue to be pushed out of the market due to escalating home prices," comments Justin Ginsberg, managing director of CharterMac Capital.

CharterMac Capital provided the $13.9 million in equity in return for tax credits generated by Vineyard Town Homes. In addition, the City of Anaheim and the Anaheim Redevelopment Agency "provided strong support to the transaction through a 55-year ground lease and additional funding," Ginsberg says.

The new housing development will offer free resident services including after school tutoring service, computer tutoring and adult education, notes Ben Phillips, regional associate director at Mercy Housing California. The project location is at Vine Street and Broadway on approximately two acres.

The unit mix will include town homes of two and three bedrooms that will range from 851 sf to 1,072 sf. Common area amenities will include a community room with kitchen facilities, a playground/tot lot, and a barbeque/picnic area.