Meadows Holly, Vacaville, CA
Goal: To re-energize an aging affordable housing development through a thoughtful and intense renovation, preserve the affordability for the long term, and provide a new sense of pride to the residents.
CDP has continued its relationship with the City of Vacaville with the Meadows Holly project. Located just down the street from our Rocky Hill project are the Meadows Court and Holly Lane apartments. Both were existing affordable communities owned by Vacaville Community Housing (VCH) that CDP preserved by acquiring and rehabilitating. Meadows Court consists of 51 two-bed townhome-style units and Holly Lane has 16 two-bed townhome-style units along with 15 one-bed flats. Each community has a shared laundry room and there is a property management office centrally located at Meadows Court. Both communities serve families earning 50-60% of the area’s median income.
Mature trees, extensive new landscaping, shaded picnic areas, and an innovative play area encourage occupants to get outside and mingle. Resident children are invited to take part in programs and activities offered by the Vacaville Neighborhood Boys & Girls Club located just steps from the properties. CDP is also partnering with We Love Our City and The Ecology Center to help develop and program a large community garden space nearby to bring together residents, neighbors, and the local community.
Through the course of renovation, both properties received all new interiors with energy efficient appliances and windows. Substantial exterior renovations were made to unify the properties that modernized and greatly enhanced the cosmetic appearance.
Once construction began we discovered several costly issues that were not included in our initial scope that had to be remedied in order to ensure safety and long-term project viability. The development team strategized together and came up with various cost-saving strategies that enabled us to address these issues while maintaining the original feel and design intent.
The financing for the project included a complex capital stack consisting of various sources of funding that had already been in place on the properties but that also encumbered other properties, requiring a long process of breaking apart collateral and re-securing liens to move the project forward. On top of that the funding was typical for an affordable housing renovation project.
-Patient public entity Seller
-Favorable Seller carry financing
-Poor condition of units requiring significant amount of work
-Funds being assumed were from obsolete sources, difficulties in re-organizing liens
Number of Units: 82
Lot Size: 2.6 Acres
Density: 32 Units/Acre
Unit Size: 640-1,280ft2
Unit Mix: 15 1BD/1BA, 16 2BD/1BA, 51 2BD/1.5 BA
Parking Spaces: 90
Affordability: 50% / 60% AMI
Financing: 4% LIHTC and Tax Exempt Bonds, Existing HOME & RDA
Sustainability: Green Point Rated
Architect: G7A Gonzales Architects
Contractor: Precision General Contractors
Property Management: Eden Housing
Non-Profit Partner: Eden Housing
Total Cost: $22,231,701
Cost Per Unit: $271,118
4% LIHTC Equity $7,002,911
Perm Loan $6,931,000
City Of Vacaville Note $5,645,091
VCH Seller Carry $1,705,210
Cash Flow $250,000
City Of Vacaville Rehab $175,000
Deferred Developer Fee $522,489
CDP is proud to partner with these organizations, dedicated to bettering the lives not only of Meadows Holly’s residents, but of those lower-income residents in surrounding communities.
We Love Our City
We Love Our City is a local Vacaville service-driven nonprofit organization that exists to identify and resolve poverty related injustices on the local level. Their mission is to provide services that address immediate needs while creating lasting solutions to social injustice. Their community specific outreach programs focus on: Relief, Restoration, and Relationship. Meadows Holly is located in one of their Adopt-a-Block neighborhoods where volunteers visit each Saturday to bring groceries, clean up trash, remove graffiti, and provide activities for the children. They also oversee the large community garden adjacent to the Meadows Holly community. Other ministries provided by We Love Our City include The Storehouse that provides free food and personal care items to all in need, a bookmobile, after school programs, mobile medical, dental, and vision clinics, mobile hair salon, thrift store, and prison outreach programs.
Vacaville Neighborhood Boys & Girls Club
The Vacaville Neighborhood Boys and Girls Club is located directly between the Meadows Court and Holly Lane Apartments. 1 out of 4 kids leave school every day with no place to go and risk being unsupervised, unguided and unsafe. The Vacaville Neighborhood Boys & Girls Club focuses on working with children during the after school hours and summer breaks and seek to ensure that all kids have a positive and enriching experience when the school bell rings, putting them on the path to success. Research shows that what happens during out of school time can have a significant impact on reversing the negative trends facing our youth and our county, specifically youth dropout rates, obesity and violence. These hours serve as the essential link between school and home, offering the greatest opportunity to influence the future of our kids, our communities and our country.
Eden Housing serves as Property Management as well as the Managing General Partner for the Meadows Holly properties. For 50 years, Eden has demonstrated that safe, decent, affordable homes provide a platform for families to succeed. They believe that housing is a basic human necessity that is essential to everyday life and future success. They serve very low, low and moderate-income families, seniors, veteran, people living with physical, mental, or developmental disabilities, and the formerly homeless. Eden has worked in partnership with cities and local community partners to develop or acquire more than 10,600 homes in communities throughout California, currently serving a diverse population of 22,000 low-income residents from all cultures and backgrounds. Since their humble beginnings, more than 100,000 people have come home to an Eden community.
Since its establishment in 1984, Eden Housing Management, Inc., an affiliate of Eden Housing, has provided high quality property management and sustainable, high-quality assets for their City partners and investors. Most importantly, Eden created supportive, vibrant communities for their residents.