USA Properties to Purchase and Rehabilitate 208 Affordable Apartments in the City of Lincoln through Low-cost Financing Secured Through the CMFA
USA Properties Fund, Inc. is a privately owned real estate development organization specializing in the creation of outstanding senior and family communities. Founded in 1981 and headquartered in Roseville, California, USA provides a full range of capabilities for community development, including financing, development, construction services, rehabilitation and property management.
This bond financing will enable USA Properties to acquire and rehabilitate an existing 208-unit affordable multi-family housing development. The existing community consists of 24 residential apartment buildings and three leasing office/recreation buildings that include laundry facilities and a maintenance area. The project accommodates large families with unit sizes of one-, two-, three- and four-bedrooms located at 1685 1st Street, Lincoln, CA. The project will be rehabbed to increase energy efficiency, improve common area amenities and resident services. Amenities include a pool, laundry facilities, and two community rooms. This financing will preserve 206 units of affordable housing for the City of Lincoln for another 55 years.