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CHC Closes Two Loans with CHDC North Richmond

Community Housing Capital (CHC) has provided two loans to Community Housing Development Corporation (CHDC) to refinance existing debt on two LIHTC-financed properties exiting the 15-year compliance period. First, CHC provided a $10 million loan to refinance Pullman Point, a 199-unit apartment complex situated in a series of five two and three-story buildings. CHC then approved a $2 million loan for Chelsey Mutual Housing, 30 affordable. 3-story, townhouse-style apartments. Both properties are in Richmond, California, and serve tenants earning 30-50% of the area median income (AMI). CHDC will use loan proceeds to gain full ownership of the properties to ensure their continued affordability. CHDC plans to re-syndicate both properties and perform unit and ADA upgrades. Their property management firm provides residents with employment opportunities, certifications, scholarships, referrals to public and private services, and supportive services.