Identification – Over the course of one year Waterford worked closely with Lennar to solve its required inclusionary housing obligation for its Park Place community in the City of Irvine. Through its market knowledge and relationships Waterford in conjunction with its partner C&C Development formulated an “offsite” inclusionary housing concept that provided a more efficient financing structure to build the affordable units while providing the City of Irvine 20 additional units over what was originally required.
Evaluation – Waterford used its deep expertise in Low Income Housing Tax credits (LIHTC) projects to structure the transaction.
Business Plan – The construction of an 80 unit affordable housing project.
Capitalization – Low Income Housing Tax Credits and Bond Financing
Asset Management – C&C Development takes the lead on all long term asset management
Stabilization – This is a long term hold for Waterford