Groundbreaking Marks a New Start for Ramona Park Senior Apartments

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Despite funding delays that put new many redevelopment projects on hold statewide, Tuesday’s groundbreaking is a sign that affordable housing is a priority in Long Beach. The development of Ramona Park Senior Apartments at 3290 East Artesia Boulevard in North Long Beach will take shape to help meet the demand for affordable housing options for seniors. On March 12, Mayor Bob Foster, Councilmember Steven Neal, 9th District, Long Beach Housing Development Company (LBHDC), and Palm Communities celebrated the groundbreaking.

“With the dissolution of Redevelopment and reduction in housing funds, the City is proud to be able to move forward with projects like this that will provide safe and secure affordable housing for seniors in our City,” said Mayor Bob Foster.

Located next to Ramona Park, the 60-unit development will be made affordable to low- and very low-income seniors. The project consists of 48 one-bedroom units and 12 two-bedroom units and will be constructed to comply with City green building standards as well as meet a minimum certifications standard set by LEED (Leadership in Energy and Environmental Design), an internationally recognized green building program.

“This is the first of many projects to break ground in 2013 as part of the ‘Uptown Renaissance.’ Investments like this bring vitality to the neighborhood, renew property, and support businesses,” said Councilmember Steven Neal, 9th District. “I am honored to take part in a project that will not only provide our seniors with a place they can afford to thrive and live comfortably, but will also contribute to the revitalization of the Artesia corridor.”

Ramona Park Senior Apartments is designed to complement Ramona Park. With a warm and contemporary exterior design, the two-story residential development will contribute to the neighborhood by offering an aesthetically pleasing design and landscaping. Recreation areas will include passive sitting/reading areas, a swimming pool, circuit training course around the site, and a clubhouse that encompasses a kitchen, library, fitness center, computer room, dining area, entertainment area and restrooms. Residents will be provided with services such as life-style counseling, social activities, and classes that include computer use and personal financial management.

“We are extremely happy to be able to serve our seniors with limited income, whose only hope for safe and affordable housing is through solutions like this,” said Stacy McDaniel, Vice-Chair of The LBHDC Board.

The $22.5 million development is funded through a $12.4 million loan from The LBHDC, low-income housing tax credits and tax exempt bonds, a loan from Farmers & Merchants Bank and a conventional permanent loan. Estimated completion of the project is April 2014.

“Palm Communities is proud to partner with the City of Long Beach to bring critically-needed affordable housing to seniors in Long Beach,” said Dan Horn, CEO of Palm Communities. “This development demonstrates our commitment to creating strong communities, promoting self-sufficiency and revitalizing neighborhoods by enhancing the physical, economic and social well-being of seniors in need.”

About The Long Beach Housing Development Company
The Long Beach Housing Development Company was established by the City of Long Beach in 1989 to assist in the creation and development of affordable housing. The LBHDC’s mission is to provide safe and livable neighborhoods in Long Beach by promoting, developing, and preserving decent, safe and affordable housing for the very low-, low- and moderate-income residents of Long Beach. The LBHDC offers a range of low cost financing, subsidies and other forms of financial assistance to encourage the development of affordable housing that improves the quality of life of the residents it serves. Visit www.lbhdc.org for more information.

About Palm Communities
Palm Communities is an integrated real estate development company that specializes in the creation and management of affordable housing for families, seniors and those with special needs. With a portfolio consisting of more than 1,600 affordable multi-family units in 16 communities throughout Southern California, we have earned a strong reputation for innovative design, commitment to lasting quality and delivery of projects on time and on budget. For over 30 years, Palm Communities has been committed to developing physically and economically sustainable residential developments that exceed the expectations of all our stakeholders: our public agency partners, business partners, lenders, investors, and most of all, our residents. Visit www.palmcommunities.com for more information.

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