Boost in Affordable Senior Housing Units

NORWALK, CA-Icon Builders has completed construction of the Norwalk Tower, a 185-unit affordable senior housing complex. The 100% section-8 complex will provide seniors age 62 and older who earn 50% of the area's medium income with an alternative and sustainable housing, option.

Preservation Partners Development and Innovative Housing Opportunities purchased and renovated the property using 9% low income tax credits obtained through TCAC and a HUD 221(d) 4 loan. Additional funding was provided through equity partner Hudson Housing. The total cost of the renovation project was $12 million, which included several impressive sustainable elements like LED lights, a rooftop mounted solar thermal water-heating system, high efficiency windows and regenerative elevators.

Icon Builders led construction of the building, while Ground Floor Design led the architectural design of the property, which is located at 14141 Clarkdale Ave. The 11-story complex has 102 studio apartments and 83 one-bedroom units. Common areas and community rooms are available for residents, as well as onsite laundry.

Providing a housing option for seniors that is both sustainable and affordable was key to this project. "We believe that affordability and environmental stewardship is a responsibility we all share, says Allen W. Sands, president of Icon Builders. "As builders, we apply these principles to the environments we create—whether new construction or renovation. Norwalk Tower is one example of how we are working to make environmentally-friendly housing accessible for all."

AvalonBay Communities and MVE & Partners are seeking a similar goal. They have recently revealed plans for a LEED-certified Silver mixed-use complex in West Hollywood that is scheduled to break ground this spring. Although not fully dedicated to low-income senior housing, the two-building, 371-unit complex will dedicate 77 units to income- and age-restricted tenants. Plans for the property also include 32,300 square feet of retail space, 14,500-squae-feet of specialty market space and a subterranean parking garage.