Los Angeles, CA– In the first deal of its kind in Southern California, Standard Communities has helped to create 150 units of dedicated workforce housing in downtown Carson, CA. Standard’s role as Project Administrator helped complete the transaction in just 54 days with a total capitalization of $78 million, utilizing California’s innovative public-private partnership structure for middle-income “workforce housing.”

Working together with CSCDA Community Improvement Agency, which acquired the property, Stifel Nicolaus & Company, Faring, and the City of Carson, Standard Communities transitioned Renaissance at City Center from market rate housing to workforce housing. Built in 2013, the mixed-use community has 150 apartment units and over 12,000 square feet of retail space. The property includes premium finishes and a host of amenities for residents, including a pool, fitness center, a recreation room, a movie theater, and a pet grooming facility.

“By focusing on workforce and middle-income housing, cities can ensure that a diverse cross-section of residents – including many individuals who fulfill essential community roles, such as first responders, teachers, hospitality workers, and healthcare professionals – have access to affordable housing and stable neighborhoods near their jobs,” said Jeffrey Jaeger, Principal and Co-Founder of Standard Communities.

As a strategy supported by California Governor Gavin Newsom and State Treasurer Fiona Ma, workforce housing transactions address California’s housing crisis by creating a public-private partnership structure that transitions market rate communities to workforce housing for middle income families, defined as those earnings between 80% and 120% of area median income (AMI). Traditionally, California’s state-administered affordable housing programs have focused on providing housing for households earning no more than 80% of the AMI. Federal funding sources almost exclusively target households earning no more than 60% of AMI. This has left a “missing middle” comprised of households that earn too much to qualify for traditional affordable housing programs, yet not enough to afford market-rate rents.

“All too often, families in the ‘missing middle’ have been denied access to affordable housing, with ever-increasing rent burdens that strain household finances. Standard Communities is proud to lead a public-private partnership that provides 150 units of workforce housing with long term affordability in a prime location at the center of Carson,” said Geoff Moen, Director of West Coast Production for Standard Communities.

Standard Communities is the affordable housing division of Standard Companies. Based in Los Angeles and New York, Standard Companies has a portfolio of approximately 13,700 apartment units, including 9,700 affordable units, and has completed more than $2.6 billion of affordable housing acquisitions and rehabilitations nationwide. These transactions include the largest tax-exempt bond and LIHTC financed affordable housing transactions in the respective histories of Illinois, California, and Washington, D.C.

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