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MAY 2008

Press Release

Santa Monica Seniors

A groundbreaking ceremony was held recently for a striking 20-unit senior apartment community in Santa Monica that will also be 100 percent affordable to residents once it opens in late 2009.

Ocean Breeze Apartments is being developed by MacFarlane Costa Housing Partners, LLC in partnership with the nonprofit LINC Housing Corporation. The $10.5 million project was designed by Atelier V Architecture of Westwood. Located on a former parking lot at 1458 14th Street (at the corner of Broadway) just 14 blocks from the beach, it will feature four stories over ground-floor retail and underground parking.

Ocean Breeze will offer 20 one-bedroom units ranging from 600 to 653 square feet. Amenities will include built-in kitchen appliances, central heating/air conditioning, walk-in closets, patios or balconies, smoke alarms, free high-speed Internet service and laundry rooms, in addition to the underground garage and an open courtyard. All units will be set aside for seniors age 55 and older earning from 30-60 percent of the area median income for Los Angeles County, as established by HUD. Rents will range from an estimated $428 to $852 per month depending on household income.

In addition to substantially below-market rents, future residents will also enjoy convenient access to shopping, restaurants, recreation, public transportation and health care facilities. Once Ocean Breeze is open, residents will have access to on-site services provided by the Westside Center for Independent Living (counseling, peer support, community outreach, etc.) and LINC Cares, the resident services arm of LINC Housing, which will provide employment counseling, on-site classes and other services.

According to Moe Mohanna, senior vice president of MCHP (formerly Simpson Housing Solutions LLC), “Ocean Breeze will deliver on the promise – which we make to every community in which we develop – of creating a top-quality housing product for seniors that is comparable to market-rate housing, but which will also offer extremely low rents in a high-cost area like Santa Monica.”

As Americans continue living longer, the need continues growing in communities all across the nation for high-quality affordable housing designed to provide more choices for seniors on limited incomes, Mohanna added. Added Suny Lay Chang, vice president of housing development at LINC Housing: “Ocean Breeze will be an architecturally distinctive addition to this vibrant neighborhood and will also be constructed in part with the use of sustainable materials. We’re delighted to once again be working with MacFarlane Costa Housing Partners, with which we’ve previously partnered on the development of more than 2,500 units of affordable housing throughout California.”

Both Mohanna and Chang praised the City of Santa Monica, in particular Mayor Herb Katz and the city’s Redevelopment Agency, which provided a $5.2 million loan to the project and also helped expedite the permitting process. Other financing included an allocation of 9% low income housing tax credits.

Created in 1994, Long Beach, Calif.-based MCHP and its predecessor firms have developed and/or financed more than 28,000 units of affordable housing throughout the nation, helping to improve the lives of working families and seniors struggling with the high cost of housing. For more information, visit the company’s website at www.your housingpartners.com.

LINC Housing, one of California’s most productive nonprofit developers of affordable housing, has had a hand in the creation of more than 6,000 homes in 45 communities throughout the state. LINC has 24 years of service to families, seniors, and local governments helping to create sustainable communities via new construction, acquisition and rehabilitation, and historic preservation. Visit www.linchousing.org for more information.