Affordable Housing Development Corporation (AHDC) together with our partner Central Valley Coalition for Affordable Housing (CVCAH) have partnered on a low income, senior, age restricted apartment community, located at 2775 Lowden Lane known as Lowden Lane Senior Apartments located Redding, California. The development contains 61 units of low-income affordable housing serving income and age qualified residents in Redding and the surrounding areas. The proposed development will include 53 one-bedroom and 8 two-bedroom units including a manager’s unit. The Project will have a resident center that will include a fully-furnished community/meeting room, a kitchen, restroom facilities, and multiple office spaces. In addition, there will be a separate laundry room and exercise room for the residents. The development will also provide natural and recreational open space with a network of walkways and plazas connecting the site, along with barbeque/picnic areas for the residents. 100% of the units will be rent restricted for qualified residents with income ranging from 30% to 60% of the area medium income for a 55-year affordability period.
Lowden Lane Senior Apartments was financed in part by 9% federal and state tax credits. Other funding sources include: the City of Redding CDBG-DR funds, Redding Housing Authority Project Based Section 8 Vouchers, and State of California (HCD) Infill Infrastructure Funds (IIG). Other financing partners include: Wells Fargo Bank (construction lender), R4 Capital (tax credit syndicator), and Berkadia (Permanent Lender). This project has been under development and competing for financing since 2016. Construction has commenced as of June 2022 and is expected to be complete by the end of 2023.
Estimated Completion Fall 2023