Page 20 - Designing for Zero Carbon-Volume 2_Case Studies of All-Electric Multifamily Residential Buildings

CASE STUDY NO. 1 IVY SENIOR APARTMENTS
(Right and Below) Project site in 2017, prior to demolition of the existing two-story office building.
Given all the positive aspects of this particular site, Wakeland acquired it in January 2018 with a local funding partner.4 Land cost at the time was approximately $70,000 per unit, or $3.5 million. To design and build the project, Wakeland organized funding from ten organizations, including state and local agencies.5
The general clientele for Wakeland projects is people who are “formerly homeless”. There was initial concern in the neighborhood about a project aimed at this general group, especially since there was no previous development of affordable housing for them in this part of San Diego. “Formerly-homeless seniors” is a sub-group that allayed some of this local concern and there was coincidentally also a great need for this type of affordable housing in this area. Wakeland therefore decided to design the project for this type of resident. As it turned out, some project opponents visited a previous Wakeland project for formerly-homeless seniors as part of the neighborhood informational outreach in the city approvals process and were impressed with the project quality. As a result, the project was able to move forward with this design intent and user clientele.
4 Acquisition financing was provided by Century Housing Corporation, Culver City, a nonprofit lender to developers building affordable housing targeting low- and moderate-income wage earners.
5 The California Tax Credit Allocation Committee awarded Wakeland with Low-Income Housing Tax Credit (LIHTC) tax credits in the category of 9% Tax Credits for new housing units. This en- abled Wakeland to obtain construction financing from Wells Fargo Bank, who also purchased the tax credits. Additional funding was provided by The San Diego Housing Commission, the City of San Diego, the CalHFA Special Needs Housing Program (administered by the County of San Diego), the California Community Reinvestment Corporation and the Federal Home Loan Bank of San Francisco Affordable Housing Program.
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Designing for Zero Carbon: Volume 2