FOR IMMEDIATE RELEASEPress Release # CM: 090914
City of Long Beach Celebrates Grand Opening of Low-Income Senior Living Community
The City of Long Beach today celebrated the grand opening of Ramona Park Apartments, a two-story, 61-unit rental complex that will provide affordable, quality housing for low- and very low-income seniors. Together with The Long Beach Community Investment Company (LBCIC), Palm Communities, and Western Community Housing, the City is proud to open the doors to this warm and contemporary senior living community.
"Sustainable housing developments such as Ramona Park Apartments celebrate the multigenerational diversity of our City and further promote a network of strong, viable communities," said Mayor Robert Garcia. “This development is a great illustration of the City's commitment to providing modern, safe, and affordable living options for all Long Beach residents.
The building is located at 3290 E. Artesia Blvd., near Ramona Park. The development replaces the former Farmers and Merchants Bank building.
“Ramona Park Apartments is a perfect addition to the neighborhood and serves as yet another example of the Uptown Renaissance movement,” said Councilmember Rex Richardson, who represents the 9th District. “This new development provides affordable housing for seniors, while also supporting our long-term goals by restoring economic energy to the local community.”
The project compliments the neighborhood with an aesthetically pleasing design and vibrant landscaping. Site amenities include passive sitting/reading areas, a swimming pool, outdoor fireplace, laundry facilities, and a clubhouse that encompasses a kitchen, library, gym, computer room, and entertainment space. Residents will have access to senior services, educational classes, lifestyle counseling, and social activities.
“Palm Communities is proud to partner with Western Community Housing on our second affordable housing project in Southern California. The former Farmers and Merchants Bank site was generously offered to the partnership by Daniel and Henry Walker as an opportunity to increase the supply of desperately needed senior housing in the City. The Long Beach Community Investment Company provided the gap financing required to compete and win an allocation of Federal affordable housing tax credits, and a tax-exempt municipal bond. The Ramona Park Apartment project represents a successful public/private venture that will benefit Long Beach seniors for many years to come,” said Danavon L. Horn, President and Chief Executive Officer of Palm Communities.
Ramona Park Apartments will help to create a safe, healthy, and viable neighborhood by maintaining rents affordable to qualified seniors over the age of 55 years. The apartment complex consists of 49 one-bedroom units with rents priced below $800 and 11 two-bedroom units with rents priced under $900. One unit will be reserved for an on-site manager. Property management will be provided by ConAm Management Corporation.
“It brings us great satisfaction to see another vital project come to fruition for our seniors with limited income,” said John Thomas, Chair of The LBCIC. “Ramona Park Apartments combines the goals of the LBCIC by providing affordable housing that enhances quality of life, promotes vitality and livability throughout our neighborhoods, and allows the City to thrive.”
The apartment building has been constructed to meet a minimum U.S. Green Building Council’s Leadership in Energy & Environmental Design (LEED) certification standard and comply with City green building guidelines.
The $22-million development was financed through a combination of Federal Low Income Housing Tax Credit equity, Federal Tax-Exempt Bonds, and loans from Farmers & Merchants Bank, Citibank, California Community Reinvestment Corporation, and The LBCIC.
About The Long Beach Community Investment Company
The Long Beach Community Investment Company (LBCIC) assists in the delivery of housing and neighborhood revitalization services, use of Community Development Block Grant (CDBG) funding, and continued administration of the City's affordable housing funds.
About Palm Communities
Palm Communities is an integrated real estate development company that specializes in the creation and management of affordable housing for families, seniors and those with special needs. With a portfolio consisting of more than 1,700 affordable multi-family units in 20 communities throughout Southern California, we have earned a strong reputation for innovative design, commitment to lasting quality and delivery of projects on time and on budget. For over 30 years, Palm Communities has been committed to developing physically and economically sustainable residential developments that exceed the expectations of all our stakeholders: our public agency partners, business partners, lenders, investors, and most of all, our residents.