The Essex House Hotel is being converted into a 10,000 square foot full service complex for very low-income seniors and disabled individuals. Located in Lancaster, CA, the complex will include an adult day healthcare facility offering occupational, speech, and other forms of rehabilitation.
The rehab is being done with funding provided by Torrey Pines Bank, which invested in the CRA Qualified Investment Fund CRA Shares (Ticker: CRAIX), a market-rate community development bond fund. The Fund earmarked a portion of Torrey Pines Bank’s investment toward the purchase of a Fannie Mae Delegated Underwriting Servicing bond issued to finance the acquisition and rehabilitation of the Essex House Hotel into Arbor Court Apartments.
“Torrey Pines Bank is committed to community reinvestment and revitalization efforts that will help under-served communities,” said Crystal Watkins, senior vice president at Torrey Pines Bank. “We are delighted that the bank’s investment in the CRA Qualified Investment Fund is supporting such a wonderful project.”
In addition, the facility received an Affordable Housing Program (AHP) subsidy of $1 million from the Federal Home Loan Bank of San Francisco. The AHP facilitates the development of affordable rental housing and home ownership opportunities for very low-, low-, and moderate-income households.
“With the way the economy has been over the last couple years, it is a critical time for complexes like Arbor Court to be available for seniors,” said Barbara VanScoy, Senior Portfolio Manager of the CRA Qualified Investment Fund. “Not only is it affordable but it provides vital ancillary services to seniors such as nursing care, social work assistance, and therapeutic activities.”