Senior News May, 2002 Vol. 21. No.  5

 

Published by the Humboldt Senior Resource Center in Eureka, California. HSRC is a non-profit community-based organization offering services for senior citizens, multi-generational families and caregivers.

Historic Register: Washington School receives national recognition

Senior issues: Commission hears from local providers

Springcreek Place:Affordable senior housing opens in Eureka

McKinleyville: How can we help?

Del Norte InfoCenter: One-stop shopping for senior and family services

Assistive Technology Classes

Pick up a copy today! Better yet, subscribe and never miss an issue!

Springcreek Place
Affordable senior housing opens in Eureka
by Cindy Guckenberger

New affordable senior housing is now open in Eureka. Summercreek Place is a cottage community located behind the Myrtletown Plaza (vicinity of 1626 Myrtle Avenue). There are a total of 40 residential units (32 one-bedrooms and eight two-bedrooms). Each residence has dishwasher, range and mircrowave, as well as washer and dryer hookups, walk-in closet and exterior storage area. In addition, the design gives each resident an individual cottage entrance, with unique color and covered patio. The community has a 2,500 square foot community center that has a full-service kitchen, computer learning lab, exercise area and laundry facilities.

Summercreek Place is an affordable housing community. However, eight of the units will be rented at market rates (no income restrictions). Rents will range from around $315-$365 for the affordable units and $395-$495 for the market rate units.

Dan Johnson of Danco Builders, the company developing Summercreek Place, entered the affordable housing development industry in 1998 through partnering with an industry professional, a tax credit financing specialist in Idaho. "I was introduced to my partner by my insurance agent in Fresno. I continue to be extremely impressed-acquiring financing requires a bit of genius and a lot of luck," Johnson said. This cooperative relationship has allowed their development company, Pacific West Communities to expand affordable housing development beyond the borders of Humboldt County "Currently we have five projects in the development funding acquisition stages in northern California as well as multiple other opportunities in the 12 western states."

Johnson's and Pacific West Communities' first project is Summercreek Place in Eureka. Thirty-two of the units will be considered "affordable" and will be rented to senior citizens earning less than 50 percent of the area median income.

"Affordable housing, whether it is large family or senior housing, is a difficult and competitive process," said Johnson. "There are various types of funding sources that are obtained over a two to three year period that are all extremely competitive. Affordability is maintained through the equity obtained by these funding sources which is different than the subsidy approach in typical low-income development projects. This unique approach to affordable housing financing is excellent because it doesn't require an annual 'shot in the arm' from state or federal funding sources, which are not always reliable. In addition, the quality of the project and the ability to maintain that quality through normal cash flow also differentiates Summercreek Place from other traditional low-income developments."

Cindy Guckenberger is project manager, Danco Builders. If you would like additional information, or would like to place your name on a waiting list, please call Danco Communities at 707-822-0826.