The Affordable Housing Tax Credit Coalition The Affordable Housing Tax Credit Coalition
  • ABOUT
    • About the AHTCC
    • AHTCC Leadership
      • Board of Directors
      • Leadership Circle
      • Staff
    • AHTCC Members
    • Contact Us
  • HOUSING CREDIT
    • About the Housing Credit
    • How It Works
    • Research
      • Rent Savings Report
    • Impact
      • Native Americans
      • Veterans
    • Resident Stories
    • Finding Housing
  • ADVOCACY
    • Advocate Today
    • AHCIA
    • State Tax Credits
    • Regulatory Issues
    • AHTCC Priorities
  • GALLERY
  • EVENTS
  • AWARDS
    • Recognition of Housing Tax Credit Excellence
    • Affordable Housing Champion Award
    • David Reznick Lifetime Achievement Award
  • NEWS
  • JOIN
The Affordable Housing Tax Credit Coalition The Affordable Housing Tax Credit Coalition
  • ABOUT
    • About the AHTCC
    • AHTCC Leadership
      • Board of Directors
      • Leadership Circle
      • Staff
    • AHTCC Members
    • Contact Us
  • HOUSING CREDIT
    • About the Housing Credit
    • How It Works
    • Research
      • Rent Savings Report
    • Impact
      • Native Americans
      • Veterans
    • Resident Stories
    • Finding Housing
  • ADVOCACY
    • Advocate Today
    • AHCIA
    • State Tax Credits
    • Regulatory Issues
    • AHTCC Priorities
  • GALLERY
  • EVENTS
  • AWARDS
    • Recognition of Housing Tax Credit Excellence
    • Affordable Housing Champion Award
    • David Reznick Lifetime Achievement Award
  • NEWS
  • JOIN
Aug 06

State Spotlight: California

  • August 6, 2015
  • 2015 News, Advocacy Resources, Housing Credit

AHTCC’s State Spotlight showcases the Housing Credit’s impact in states across the country—and how public-private partnerships made possible by the Housing Credit lead to truly exceptional affordable housing communities.

The transformation of Waterman Gardens from a 1940s-era public housing development into a modern, sustainable, mixed-income housing community is at the center of the revitalization of a San Bernardino, California neighborhood.

National Community Renaissance, the City of San Bernardino and the Housing Authority of the County of San Bernardino recently broke ground on the first phase of the $200 million redevelopment. Adjacent to the current Waterman Gardens site, the initial stage will provide 75 new, affordable apartments for families earning between 30 and 60 percent of the area median income, or $60,700 for a family of four. Eventually, all 252 existing apartments will be replaced, and market-rate and senior apartments, along with community facilities, will be added to create a mixed-income, thriving community. In all, the revitalization will include more than 450 homes in this once-blighted neighborhood.

A number of public and private organizations came together to fund the development. A $25 million funding package for the first phase came from the Housing Authority of the County of San Bernardino, HUD’s Rental Assistance Demonstration (RAD) program and a HUD 221d4 permanent loan from PNC Real Estate. The City of San Bernardino also invested $2.3 million in HOME funds. Last but certainly not least, the California Tax Credit Allocation Committee awarded the development $11 million in Housing Credits, which will generate a capital contribution of $12 million from Wells Fargo Bank as the tax credit investor limited partner.

Thanks to a dedicated development team and a diverse group of funders, residents of Waterman Gardens will enjoy affordable homes, a thriving community, and amenities like a community center, meeting rooms, after-school program facilities, a swimming pool and a computer lab.

The Housing Credit was a key piece of the funding puzzle; without it, the redevelopment of Waterman Gardens simply would not have been possible. Since its creation in 1986, the Housing Credit has helped create thousands of communities like this one, boosting local economies along the way. In California alone, it has produced more than 300,000 homes and 340,000 jobs. At the same time, it has generated more than $32.3 billion in local income and more than $12.7 billion in tax revenues that have been reinvested into California’s communities.

The Housing Credit could not be more necessary in California, where rents are rising and the supply of affordable homes is dwarfed by the number of families who need them. A 2014 study found that the state has an affordable housing supply gap of nearly one million homes. In San Bernardino County, there are just 18 units affordable and available for every 100 extremely low-income renters.

As the number of families who need affordable housing options continues to grow in California and nationwide, we should work to make housing development a top priority for federal, state and local governments. Stable housing has benefits that extend past shelter—high-quality housing has been proven to improve residents’ health, education outcomes and economic prospects. By starting with housing, California can continue to revitalize whole communities like Waterman Gardens. And by supporting the Housing Credit, we can keep housing affordable for the long term.

  • Facebook
  • Twitter
  • Reddit
  • Pinterest
  • Google+
  • LinkedIn
  • E-Mail

Comments are closed.

NEWS BY TOPIC

  • 2025 News
  • 2025 Tax Legislation
  • Advocacy Resources
  • Affordable Housing Credit Improvement Act (AHCIA)
  • AHTCC Meetings and Events
  • AHTCC Organizational Update
  • Beyond Housing
  • Build Back Better
  • Charles L. Edson Tax Credit Excellence Awards
  • Community Reinvestment Act (CRA)
  • COVID-19 Response
  • Housing Credit
  • News by Year
    • 2014 News
    • 2015 News
    • 2016 News
    • 2017 News
    • 2018 News
    • 2019 News
    • 2020 News
    • 2021 News
    • 2022 News
    • 2023 News
    • 2024 News
  • Regulatory Issues
  • Rising Insurance Costs
  • Tax Relief for American Families and Workers Act

The Affordable Housing Tax Credit Coalition is a trade organization of housing professionals who advocate in support of the Low-Income Housing Tax Credit

LATEST NEWS FROM AHTCC

  • 2025 Affordable Housing Symposium Highlights
  • House Passes Reconciliation Legislation Including Historic Housing Credit Investment

CONTACT

630 Eye Street NW
Washington, DC 20001
202-935-0977
info@taxcreditcoalition.org

JOIN AHTCC

FIND HOUSING

© 2024 The Affordable Housing Tax Credit Coalition