SALT LAKE CITY, UT – Rainbow Housing Assistance Corporation, a Phoenix-based nonprofit organization which provides service-enriched housing programs for residents of rental housing communities throughout the country, has been selected by Cedar Pointe Partners, L.P., as the services provider for Park Place at City Centre Apartments, a 224-unit apartment complex located at 731 South 300 East in downtown Salt Lake City. The property was recently purchased by a new tax credit limited partnership sponsored by American Real Estate Ventures, Inc., a specialty real estate investment and development firm based in San Francisco, CA.
Built in 1970 and renovated in 2006, Park Place at City Centre has an initial tax credit compliance period which ends December 31, 2020, at which point it is expected to undergo an extensive renovation. American Real Estate Ventures, Inc., intends to maintain the property’s affordability after the tax credit provision expires. The income-restricted facility is under a Land Use Restrictive Agreement (LURA) until 2056, with units restricted to households making no greater than 50% and 60% of the area median income.
“We’re thrilled to be partnering with American Real Estate Ventures, Inc., to bring our supportive services to Utah and hope this property becomes a flagship for future partnerships in this region,” said Flynann Janisse, Executive Director of Rainbow. “The services being offered are tailored to the unique needs of the residents of Park Place at City Centre and are aimed at helping them achieve their full potential.”
As Park Place at City Centre primarily houses families, Rainbow will offer its core services to residents. For young residents, LINK programming will be provided, which includes educational activities and homework assistance as well as guidance and support for students as they transition between different grade levels and work toward the goal of continuing on to post-secondary education. For adult residents, parenting classes will be offered, along with courses such as financial literacy, home buying education, continuing education workshops, employment readiness, health and nutrition, computer workshops, Leadership in Energy and Environmental Design (LEED) training, housekeeping tips, and more. Rainbow will also offer partner referrals for residents requiring crisis intervention and similar services.
“Our goal is to re-position and stabilize this historically troubled asset, and Rainbow’s participation will be integral in achieving that stability. We want to bring back a true sense of community with the delivery of life-enhancing services for our residents”, said Robert Lawler from American Real Estate Ventures, Inc. “We have worked closely with Rainbow to ensure our residents’ specific needs will be met through carefully curated programs which will empower them as individuals and as a community.”
The property comprises 10 apartment buildings with one-, two- and three-bedroom floor plans, and includes an outdoor picnic area, playground, soccer field, clubhouse, and modest fitness center.
Rainbow is currently providing services to more than 101 affordable housing developments in 10 states across the country, reaching nearly 16,000 residents.
About Rainbow: Rainbow Housing Assistance Corporation (Rainbow) is a nonprofit organization which provides service-enriched housing programs for residents of rental housing communities throughout the country. With award-winning services available throughout the United States, Rainbow seeks to create and preserve quality, affordable housing for families and individuals of diverse ethnic, social, and economic backgrounds.
About American Real Estate Ventures, Inc. American Real Estate Ventures, Inc., (“AMREV”) is a specialty real estate investment and development firm based in San Francisco, CA. AMREV’s business strategy is focused on the acquisition and renovation of existing affordable housing communities. AMREV utilizes various conventional and government-sponsored funding programs such as tax-exempt bond financing, Federal Low-Income Housing Tax Credits, and project-based Housing Assistance Payment Contracts designed to create and preserve high quality affordable housing. AMREV principal, Robert Lawler, has more than 20 years of experience as a real estate investor, developer, and commercial lender.