Commitment to California

Raymond James Tax Credit Funds' (RJTCF) commitment to California provides new investment opportunities and greater flexibility for our clients. California is an important focus of our investment efforts, given many of our investment partners have large Community Reinvestment Act (CRA) needs in the state. Demand for high-quality affordable housing far outpaces supply in California, and we're committed to increasing our investment activity in the state. We take our role as a strong fiduciary to our developer and institutional investor clients very seriously and look forward to expanding our presence in California by providing sound investments for our clients and efficient execution.

RJTCF has provided nearly $700 million in tax-credit equity to fund over 70 affordable housing developments throughout California since 2010. This includes the syndication of five California regional funds totaling over $400 million in equity. RJTCF recently completed syndication of a $167 million Low Income Housing Tax Credit (LIHTC) fund that will provide equity financing for the construction or rehabilitation of 14 affordable housing developments throughout California. The Raymond James California Housing Opportunities Fund V, LLC was fully subscribed with 11 investors. The 1,217 total housing units being created consist of both new construction and acquisition rehabilitation properties targeting families, seniors and special needs populations including veterans, chronically homeless persons and youths transitioning out of foster care. The 14 developments are located in the following counties: Humboldt, Los Angeles, Riverside, San Bernardino, San Diego, San Francisco, Sonoma and Ventura.

Highlights of RJTCF's recent LIHTC properties in California

Drs. Julian and Raye Richardson Apartments

richardson apartments californiaDrs. Julian and Raye Richardson Apartments is located in San Francisco. RJTCF invested $25 million in LIHTC equity in this new construction, 120-unit Single Room Occupancy (SRO) project. Recently completed and leased, the project provides 120 units of permanent supportive housing for chronically homeless individuals and individuals with severe mental illness in the heart of San Francisco's Hayes Valley neighborhood. Co-developed by Mercy Housing California and Community Housing Partnership, the first floor space is largely dedicated to on-site supportive services and is staffed by 24/7 resident counselors, nurse practitioners and clinical support specialists.

In targeting those tenants in need of an intensive level of supportive services, the project benefits from an annual operating subsidy provided through the city of San Francisco's Local Operating Subsidy Program (LOSP) as well as additional subsidy financing provided by the city of San Francisco and state of California through the MHSA and MHP Program.

The property was named the "Real Estate Deal of the Year" by The San Francisco Times and also has received numerous design awards, including being the 2012 recipient of the American Institute of Architect's Category One: Excellence in Affordable Housing Design Award.


The Landings II

landings II californiaThe Landings II is located in Chula Vista, California. Co-developed by Chelsea Investment Corporation and Shea Homes, RJTCF invested $15 million in LIHTC equity for the construction of this 143-unit inclusionary affordable housing project located in the Winding Walk master planned community in eastern Chula Vista. The property consists of all 3 bedroom, 2½ bath townhomes over 2-car attached garages and targets families earning up to 50% and 60% of the San Diego County area median income.





Encanto Court

encanto court californiaEncanto Court is located in Los Angeles. RJTCF invested $6 million in LIHTC equity for the construction of this 65-unit project for low-income seniors located at 105th and Normandie Avenue in south Los Angeles. The project, financed with tax-exempt bonds and multiple layers of soft financing, is developed by National Community Renaissance of California, a California-based NFP developer of affordable housing.





King's Crossing Apartments

kings crossing californiaKing's Crossing Apartments is located in San Jose, California. RJTCF invested $12 million in LIHTC equity in this 94-unit new construction project targeted to low income families, with 10 of the units set aside for tenants with chronic mental illnesses. The project, financed with tax-exempt bonds and multiple sources of soft financing, is developed by Charities Housing, a San Jose-based NFP developer.





Lakretz Village

lakretz village californiaLakretz Village is located in Los Angeles. RJTCF invested $6 million in LIHTC equity in this 48-unit new construction SRO project with 25 of the units set aside for homeless individuals and the remaining 23 units set aside for disabled persons. Co-developed by Related California and PATH Ventures, the project is located in the Koreatown neighborhood, has an HAP contract for 38 of the units, and benefits from multiple layers of soft financing. The project's long-term General Partner is PATH Ventures, a Los Angeles-based nonprofit that provides housing and supportive services for homeless individuals and families.





Estrella del Mercado

estrella del mercado californiaEstrella del Mercado is located in San Diego. RJTCF invested $20 million in LIHTC equity in this 94-unit new construction project designated for low income families with incomes up to 50% of area medium income. The mixed-use development is a high profile redevelopment project located in the Barrio Logan neighborhood of downtown San Diego that consists of affordable residential housing over ground floor retail and, on adjacent parcels of land, a newly constructed Gonzalez Northgate supermarket and commercial space. The 4-story affordable residential building is being developed by Chelsea Investment Corporation with Shea Properties Management Inc. serving as developer of the retail and commercial component.



Noho Senior Villas

noho senior villas californiaNoho Senior Villas is located in North Hollywood, California. RJTCF invested $6 million in LIHTC equity in this 49-unit new construction project that is on schedule for completion in July 2012. The project contains 30 units targeted to homeless and mentally ill seniors and the remaining 19 units targeted to low income seniors. Co-developed by Clifford Beers Housing, an affiliate of Mental Health America of Los Angeles, and PATH Ventures, the building consists of a 5-story, elevator-serviced building over an on grade parking garage and includes an open-air interior courtyard and a rooftop deck that offers expansive views of North Hollywood and the surrounding area. Project financing consisted of multiple layers of soft debt, which included funding from the Los Angeles Housing Department, MHSA, AHP, and Department of Housing and Community Development.






Other recent RJTCF closings

  • $9 million in equity in Step Up on Vine, a rehabilitation of the former Galaxy Hotel in Hollywood into 34 units of special needs housing. The property is being co-developed by Hollywood Community Housing Corporation and Step Up on Second Street, Inc.
  • $11 million in equity in The Cambridge, a rehabilitation of an existing 60-unit homeless housing project in San Francisco's Tenderloin District. The property is being developed by Community Housing Partnership.
  • $17 million in equity in 1075 LeConte Avenue Apartments, a 73-unit new construction special needs project in San Francisco's Bayview neighborhood. The property is being co-developed by Mercy Housing California and the Providence Foundation.
  • $7 million in equity in Bakersfield Seniors, a 49-unit, new construction HUD 202 senior housing property in Bakersfield. The property is being developed by the Cesar Chavez Foundation.
  • $6 million in equity in Portola Terrace, a 45-unit new construction property for families located in Temecula. The property is being developed by AMCAL Multi-Housing, Inc.
  • $5 million in equity in Iris Apartments, a 20-unit new construction inclusionary affordable housing property for families in Encinitas. The property is being developed by Chelsea Investment Corporation and Shea Homes.
  • $17 million in equity in Palmdale Gardens, a 156-unit transit-oriented development for families located in Palmdale. The property is being co-developed by Community Development Associates and Michael's Development.

To learn more about our capabilities in California, contact Kevin Kilbane, managing director of West Coast acquisitions, at 216.509.1342 or kevin.kilbane@raymondjames.com.