BOSTON, MA - Boston Capital is investing in the construction of Riverwalk Apartments, a 21-unit development for families located in Santa Cruz, California. The development will be built with tax credit equity from the Low Income Housing Tax Credit (LIHTC) program. The developer is For the Future Housing, Inc., based in Campbell, California.
"This property is ideal for families looking for onsite supportive services, a competitive amenity package and a stellar location," said Jack Manning, president and CEO of Boston Capital. "With great partners like For the Future Housing and Michael Roberts Construction, Boston Capital continues to invest in well-situated, high-quality affordable housing, creating jobs and generating local income through LIHTC investment."
The construction of Riverwalk Apartments will generate $2.1 million in local salaries and create more than 32 new jobs in the Santa Cruz area. Boston Capital's investment in the development adds 21 units of affordable housing to its apartment portfolio. To date, Boston Capital has invested in approximately 13,075 units of affordable housing in California.
Riverwalk Apartments will feature four one-bedroom, seven two-bedroom and ten three-bedroom units available to families earning 60 percent or less of the Area Median Income (AMI). Development amenities will include a community building featuring office space, a kitchen, computer area and laundry room as well as bicycle lockers and carports. The three-story development's design will include sustainable building/green practices and utilize energy star appliances and water saving faucets and fixtures.
Residents will benefit from supportive services which will include free classes such as resume building, employment skills, computer skills and financial literacy. The development is located within close proximity to transportation routes, shopping, schools and community services.
About Boston Capital
Boston Capital, headquartered in Boston, MA, is a real estate investment and advisory firm specializing in tax advantaged investments in affordable multifamily housing and equity investment in market rate apartment communities. Boston Capital's holdings include more than 2,150 multifamily apartment properties in 49 states and the District of Columbia, constituting more than 153,500 apartments with a development cost in excess of $15.1 billion. Boston Capital is the largest owner/investor of apartment properties in the United States.
About For the Future Housing, Inc.
For the Future Housing, Inc. (FTF) is an affordable housing development company specializing in the creation of high quality affordable family, senior and single resident occupancy (SRO) housing communities throughout California. The principals of FTF have more than 75 years of experience in real estate development, construction and finance. FTF is affiliated with Michael Roberts Construction, Inc., (MRC) a California General Contractor with extensive experience building high density infill apartments. FTF, in partnership with MRC, brings unparalleled expertise in the thoughtful and efficient design and construction of its new communities.