Poway Villas

In November 2011, CHW will acquire and begin rehabilitation of this 37 year-old apartment complex located in the heart of suburban Poway, the second HUD Preservation project added to our portfolio. Poway Villas is an existing, two-story garden apartment complex built in 1974, with 60 one-, two- and three-bedroom apartments which has not experienced any significant renovations since the original construction. In 1996, CHW helped the residents of Poway Villas purchase the property from the former owner in order to prevent it from converting from HUD-restricted affordable rents to market rate rents, likely resulting in the eviction of many residents from the property. HUD assisted in this purchase however did not provide Poway Villas with any Section 8 vouchers and the financing permitted only minimal rehabilitation.

CHW will invest over $4 million in new rehabilitation which will include renovating all the individual apartments with new kitchens, bathrooms and low/no VOC flooring and increasing sustainability by upgrading energy efficiency and adding water conservation features.  The complex does not presently have any on-site amenities for adults and CHW’s new design will add many new amenities including a 2,100 square foot community building, patios with barbeques, an organic community garden, bicycle racks, new play areas, and a walking path with parcourse fitness stations.

Like CHWs’ nationally awarded Turnagain Apartments, acquired in 2008 (see Novogradac Journal of Tax Credits Developments of Distinction 2010—Innovative HUD Finance), Poway Villas was originally financed with FHA 236 and a LIHPHRA Grant. For the new financing, CHW has assembled a complex layering of Low Income Housing Tax Credits, bonds and a long term HUD Section 8 contract that will enable us to renovate the property and preserve affordability for seniors, singles and families that earn less than 60% of the county’s area median income.

Highlights:
• 60 one, two and three bedroom apartments
• Affordable to people earning 20% to 60% AMI
• Project Based Section 8 Certificates for all residents
• Major Renovation of apartments including energy efficient and water conserving features
• New, sustainably designed and constructed Community Complex
• Energy Upgrade California certification
• Designed by Rodriguez Associates, Architects & Planners
• Start: November 2011 Completion:  July 2012

Amenities: 
• New 2,100 square foot community building will house CHW’s award winning Learning Center programs, property management office, maintenance room, a new laundry room, computer center for adults and children and a multipurpose meeting room with kitchen and patio
• New outdoor seating areas, rose gardens and community food gardens
• Walking/jogging path with parcourse equipment and bike racks to promote healthy activities for both adults and children

Financing Sources:
• Union Bank – Construction and Permanent Mortgages (taxable bonds)
• Union Bank – Low Income Housing Tax Credit investor
• Poway Villas Community Housing Association – Seller Note
• Energy Upgrade California Rebate Program

Location:
13001 Bowdon Road, Poway, CA  92064
Poway, California