Santa Paula Village Apartments: Council
signals approval of $8M purchase, rehab

June 10, 2015
Santa Paula News

The Santa Paula Village Apartments on North 8th Street will have a new owner who will use an $8 million tax-exempt bond to purchase and refurbish the 56-unit affordable housing complex after the City Council, as representatives of the host city, signaled their approval of the deal.

Elisabeth Paniagua, assistant to the city manager, told the council at the June 1 meeting that the complex, last rehabilitated in 1997, provides the city with a $13,000 annual PILOT payment. At that time the lender and/or investors issued the multi-family and senior housing bonds for the project for $3 million.

There is “no financial or obligation on the city’s part” except holding the public hearing on the issuance of the bonds, Paniagua told the council.

The PILOT is a payment in lieu of taxes the that city would otherwise receive if the complex had not been classified as low-income; the city receives an annual 2 percent boost in the fee it receives through the PILOT.

KDF Communities — a builder and renovator of low-income and senior housing — is acquiring the property; since 1996 the Newport Beach based company has developed 44 affordable housing communities in 26 cities throughout California. 

As owner of 5,300 affordable housing units, KDF is one of the largest affordable housing developers in California. 

KDF Communities is securing the bond with rental income for the units. 

The purchase of and projected rehabilitation cost for the Santa Paula Village Apartments is roughly $143,000 per unit.

There were no details on what the renovation will entail or how it might impact residents.

Santa Paula Village Apartments are located between Santa Barbara and Santa Paula streets on the west side of 8th Street; sections of the complex overlook the recreational Bike Trail.





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