Thomas Safran & Associates and the CMFA Preserve Affordable Senior Housing in Whittier, CA
Recently, Thomas Safran & Associates secured tax-exempt financing for the acquisition/ rehabilitation of an existing 6 story, 75-unit property. The project is known as William Penn Manor and is located in Whittier, CA. William Penn Manor contains both studio and 1 BR units that provides Section 8 Housing for seniors age 62 and older.
Proceeds from the tax-exempt financing will be used to finance needed renovations including updating appliances, building exterior and interior common areas and landscaping as necessary. The developer also plans on adding a business center/computer lab, picnic areas with barbecue grills, security cameras, a Service Coordinator, free Wi-Fi, and microwaves in each unit for the residents. This financing will preserve 74 units of at risk affordable housing for the City of Whittier for another 55 years.