ATLANTA, April 11, 2022 (GLOBE NEWSWIRE) -- Monarch Private Capital, a nationally recognized ESG investment firm that develops, finances and manages a diversified portfolio of projects that generate both federal and state tax credits, is pleased to announce the financial closing of low-income housing tax credit (LIHTC) equity for a $74 million affordable housing development called Shiloh Terrace in Windsor, California.
The Shiloh Terrace apartments are located at 6011 Shiloh Road in Windsor, California. The affordable multifamily community will consist of 134 two and three-bedroom rental units for households earning at or below 70 percent of the Area Median Income (AMI). Each unit will include central air conditioning, a walk-in closet, patio or balcony, and a fully equipped kitchen with a dishwasher and garbage disposal. Residents will also have access to common amenities, including a community room, fitness space, business center, computer room, laundry facilities and recreation areas. To develop the project, Monarch partnered with the full-service, vertically integrated real estate firm CRP Affordable Housing & Community Development.
In addition to creating quality affordable homes for residents, the development will offer valuable tenant services to both adults and children, provided by the Central Valley Coalition for Affordable Housing. These services will support education, health and wellness, and social needs through after-school programs, computer training, job‐seeking skills, informational workshops, and linkages to community resources. Residents can easily attend programs held in the community room or visit the specialized private offices on-site for individual support.
“Shiloh Terrace will not only bring safe, secure and affordable housing to Windsor but also enrich the lives of its residents through constructive and rewarding resources,” said Seth Sterneck, Managing Director at CRP Affordable Housing & Community Development. “Our team is grateful to Monarch and other partners for helping us strengthen the Windsor community and create opportunities for 134 deserving families and individuals alike.”
Positioned near the Russian River just 60 miles north of San Francisco, the city of Windsor takes pride in its quaint, family-friendly community, calling itself one of the last small towns in California. Windsor boasts a wide variety of recreational opportunities, well-planned business areas and a lively downtown complete with locally owned shops and eateries surrounded by the region’s natural beauty. A collection of tasting rooms forms Windsor’s celebrated Beverage District featuring over a dozen craft breweries, cideries and distillers. With its breathtaking parks offering hundreds of acres for hiking, horseback riding, fishing and more, the charming central Sonoma town has something for everyone.
Along with addressing the state’s need for more affordable housing, the Shiloh Terrace development will have a significant impact on the local economy. In its initial year alone, the project is expected to create over 200 jobs and generate more than $15.6 million in local income, benefiting the area for many years to follow.
“With high-quality, affordable homes and effective life and educational tools, Shiloh Terrace will have lasting positive impacts on the Windsor community,” said Brent Barringer, Partner & Managing Director of LIHTC at Monarch. “We appreciate our collaboration with CRP Affordable, whose strong leadership and expertise will help foster meaningful social and economic growth in the city and ultimately improve lives.”
For more information on Monarch’s programs and services, please contact Brent Barringer by emailing bbarringer@monarchprivate.com.
About Monarch Private Capital
Monarch Private Capital manages ESG funds that positively impact communities by creating clean power, jobs and homes. The funds provide predictable returns through the generation of federal and state tax credits. The Company offers innovative tax credit equity investments for affordable housing, historic rehabilitations, renewable energy, film and other qualified projects. Monarch Private Capital has long-term relationships with institutional and individual investors, developers and lenders that participate in these types of federal and state programs. Headquartered in Atlanta, Monarch has offices and professionals located throughout the U.S.
About CRP Affordable Housing & Community Development
CRP Affordable is a full-service, vertically integrated real estate firm with significant experience in multifamily acquisition/rehabilitation, ground-up development and property management. CRP Affordable was founded with the principles of providing quality affordable housing and strengthening communities. The founders of CRP Affordable have owned, operated, developed, and managed over 2,400 units including rent-restricted and rent-controlled units, and have significant experience providing housing to at-risk, special needs, seniors, and other vulnerable populations. CRP Affordable has successfully partnered with non-profit, government, and community organizations to support individuals and families in need.
Attachment
