Coventry Court Senior Apartments
Project Type:
Senior Housing
Inclusionary Housing
Address:
17100 Cambridge Way, Tustin, CA 92782
Year Completed:
2012
Units:
240
Mixed-income senior housing provides value for both the residents and builders of this master-planned community in Orange County.
Completed in 2012, Coventry Court provides housing for 240 senior households within the Columbus Square Master Plan in the City of Tustin. This mixed-income multifamily community is comprised of 60% market rate units and 40% affordable units.
Owned by master developers Lennar and William Lyon Homes, Columbus Square sits on the former Marine Corps Air Station in Tustin and includes a total of 1,075 dwelling units in a number of different residential products. The master plan’s inclusionary requirement reserved a percentage of the housing units for low-income households.
Meta Housing offered a unique solution to meet the master plan’s affordable housing requirements while also maximizing value for the master developers.
The strategy coupled 4% low-income housing tax credits with tax-exempt bond financing and third-party, social impact market-rate equity. The Meta Housing team worked for a year to re-entitle the land, while maintaining the age and affordability restrictions and fulfilling all obligations to the community’s HOA.
Financial Partners:
Citibank
Mile Rock Capital
Federal Home Loan Mortgage Corporation (Freddie Mac)
California Tax Credit Allocation Committee (CTCAC)
California Debt Limit Allocation Committee (CDLAC)
Architect:
WHA
General Contractor:
Cobalt Construction