Published on January 16th, 2014 | by Zamná Ávila0
Renovated Apartment Building Offers Low-Income Housing
LONG BEACH — On Jan. 16, Long Beach celebrated the grand re-opening of Belwood Arms, a two-story 34-unit complex that will provide affordable, quality housing for residents with low- and very- low incomes.
Together with The Long Beach Community Investment Company, formerly known as The Long Beach Housing Development Company, Hunt Capital Partners, LLC, Ashwood Townhomes, Inc. and Davila Properties LLC, the city is opened the doors to this improved housing development.
The building is located at 6301 Atlantic Ave., near Houghton Park and Jordan High School.
The restoration features an environmentally green building with freshly planted trees along the parkway of Atlantic Avenue; new architectural treatments and drought-resistant landscaping, new roofing and flooring, high-efficiency electrical and plumbing systems; and, renovated apartment interiors including updated appliances, finishes and lighting. Residents will have access to after-school programs, adult education services, job training and health programs at little or no cost.
Belwood Arms will help maintain rents affordable to households earning between 50 to 60 percent of area median income for a period of 55 years. The apartment complex includes 12 one-bedroom units with rents near $635 and 22 two-bedroom units with rents priced under $777.
The $9 million project was financed through a combination of Federal Low Income Housing Tax Credit equity provided by Hunt Capital Partners, LLC, federal tax-exempt bonds issued by California Communities and loans from California Bank & Trust and The Long Beach Housing Development Co./City of Long Beach.