CARSON, CA – Affirmed Housing celebrated the ground breaking of Bella Vita Senior Community. Located at 402 East Sepulveda Blvd., attendees included: City of Carson Mayor Albert Robles, City council members Lula Davis-Holmes, Elito Santarina, Jawane Hilton, and Cedric Hicks.

Bella Vita will be a mixed-use development offering 65 senior residential apartment units and commercial space on a 1.22-acre site located Southwest of East Sepulveda Boulevard and Panama Avenue.

The affordable, senior housing will offer 58 one-bedroom apartments and 7 two-bedroom apartments. The commercial retail space will encompass approximately 3,000 square feet. Offering underground parking, the project will also feature approximately 20,000 square feet of common areas that include a community room, community garden, outdoor seating, theater area, podium gardens, and a pocket park.

“Our second development in the City of Carson, we look forward to a successful collaboration with city staff for the development of Bella Vita. We are confident in our ability to provide quality, affordable housing opportunities for the local senior population while also enhancing the local community.” James Silverwood, President and CEO, Affirmed Housing.

Headquartered in San Diego, Affirmed Housing is dedicated to improving and sustaining the viability of California through the development of affordable housing. The company aims to enhance communities and our environment by building dynamic, professionally-managed, high-quality, green multifamily housing. In business for over 20 years, Affirmed has successfully built 40 affordable communities and secured over 1 billion dollars in funding.

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EL RENO, OK – Gardner Capital Development has been awarded a $4.7M reservation of affordable housing tax credits from the Oklahoma Housing Finance Agency to develop 46 one- and two-bedroom, energy-efficient, duplex, villa-style apartment units for seniors in El Reno. This $6M project will be known as Ridgeview Heights.

An apartment complex to the west, a neighborhood of attractive single-family homes to the east, and a mix of retail shops and restaurants to the south and west border the 12.5-acre site, located near downtown El Reno. With a population of 16,000+, the city of El Reno is located 25 miles west of downtown Oklahoma City in Canadian County.

All units will be leased to seniors, age 62+ with a mix of apartments set aside at 40-60 percent of Canadian County median income. Five of the units will be fully accessible for residents with physical handicaps. All units will include modern kitchens with energy-efficient appliances, washers and dryers, a private patio, and two surface parking spaces in close proximity to the unit’s front door.

“The Ridgeview Heights Community will provide its senior residents not only with affordable housing, but with numerous upscale amenities, including a community room, fitness center, computer lab, shuffleboard court, and outdoor, covered picnic area,” said Michael Gardner, President, Gardner Capital Development.”

Construction of the development is anticipated to start in the spring of 2017, with completion expected approximately 12 months after construction starts. Gardner Capital Development will serve as the lead developer for this project. Hans Thomas & Associates, is the project architect.

Gardner Capital is an affordable housing and renewable energy tax credit development, syndication, and investment company with primary regional offices located in St. Louis, Dallas, San Francisco, Atlanta, and Springfield, Missouri. Since 1992, Gardner Capital has invested more than two billion dollars of equity in affordable housing.

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NEW YORK, NY – Mortgage rates nudged higher, rising for a sixth consecutive week, with the benchmark 30-year fixed mortgage rate rising to 4.15 percent, according to Bankrate.com’s weekly national survey. The 30-year fixed mortgage has an average of 0.21 discount and origination points.

The larger jumbo 30-year fixed climbed to 4.14 percent, while the average 15-year fixed mortgage rate inched upward to 3.40 percent. Adjustable mortgage rates were mixed, with the 5-year ARM retreating to 3.45 percent while the 7-year ARM increased further to 3.69 percent.

Mortgage rates went higher at the end of last week but moderated in the first half of this week, perhaps signaling a pause – or an end – to the recent run-up in long-term government bond yields and mortgage rates. Mortgage rates are closely related to yields on long-term government bonds. The half-percentage point spike since Election Day has been based on speculation that we’ll see more government borrowing, higher inflation, and higher interest rates due to the policies of the Trump administration. There is every possibility, but, that the increase has been overdone and that if reality fails to meet the expectations that have been priced into markets, bond yields and mortgage rates could pull back. With the Federal Reserve poised to raise small-term interest rates next week, a go that keeps a lid on inflationary pressures, this may further temper any increases in long-term rates.

At the current average 30-year fixed mortgage rate of 4.15 percent, the monthly payment for a $200,000 loan is $972.21.

SURVEY RESULTS

30-year fixed: 4.15% — up from 4.13% last week (avg. points: 0.21)

15-year fixed: 3.40% — up from 3.39% last week (avg. points: 0.21)

5/1 ARM: 3.45% — down from 3.48% last week (avg. points: 0.33)

Bankrate’s national weekly mortgage survey is conducted each Wednesday from data provided by the top 10 banks and thrifts in 10 top markets.

For a full analysis of this week’s go in mortgage rates, go to www.bankrate.com

The survey is complemented by Bankrate’s weekly Rate Trend Index, in which a panel of mortgage experts predicts which way the rates are headed over the next seven days. The panelists are divided with 55 percent expecting mortgage rates to remain more or less unchanged in the coming week while 45 percent forecast a decline. Fascinatingly, none of this week’s respondents predicted further increases in mortgage rates over the next seven days.

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