In late 2020, Standard Communities completed a $31.2 million transaction to preserve Villa Raymond Apartments in downtown Pasadena, CA as senior affordable housing. Originally constructed in the late 1920s, Villa Raymond Apartments consist of 61 rent-subsidized apartments for elderly residents. This transaction was financed with Tax-Exempt bonds through the California Debt Limit Allocation Committee (CDLAC) and federal Low-Income Housing Tax Credits provided by the California Tax Credit Allocation Committee (TCAC). Completed in partnership with HUD, CDLAC, TCAC, and the nonprofit Housing On Merit, the transaction preserved the affordability of all 61 units at Villa Raymond for the next 55 years. A comprehensive renovation, expected to be completed in 2021, will invest more than $5 million to modernize unit interiors, upgrade building systems, improve accessibility features and enhance the property’s amenity spaces. In addition, residents will now have access to a comprehensive suite of services and programming, such as health and wellness programs, at no cost.