In spite the COVID-19 pandemic, the John Stewart Company (JSCo) is continuing its efforts to address California’s affordable housing and homelessness crises through the development and preservation of much-needed affordable housing. First, JSCo and its partners (Neighborhood Partners LLC and Pacific Housing, Inc.) recently started construction of “Coldstream Commons,” a new 48-unit family development in Truckee, California. Financed with tax-exempt bonds through Wells Fargo Bank, 4% tax credit equity provided by Enterprise Community Partners, state funding from the Affordable Housing and Sustainable Communities (AHSC) program and HUD’s 811 Program (both capital and rent subsidies), the project includes 12 units for physically disabled households and is located adjacent to beautiful Donner Memorial State Park.
Coldstream Commons, Truckee, California
On the preservation side, JSCo just closed a new FHA-insured loan through JLL for our long-time management client “Clifford Manor” in Watsonville. This 100-unit affordable housing cooperative will be fully renovated for the first time in over 40 years with no rent increase for residents (most of whom are employed in the local agricultural sector). JSCo is providing architectural and construction oversight services for the co-op’s renovation, along with project management services and on-going property management.