Tax Credits

Tax credits are typically issued by a state-allocating agency and can be requested in 4% (typically combined with bond financing) or 9% "competitive" credits. Wakeland used 9% tax credit for the development of Vista Las Flores.

Bonds

A more complex financing structure is that of bonds. This type of financing is highly desirable because the funding application requirements tend to be less restrictive compared to the 9% competitive deals. Following are developments where bonds combined with 4% credits were utilized:

Canyon Rim, Stratton, Walden Glen, Vista Terrace Hills, Coronado Terrace

Local Government Funds

Wakeland has demonstrated the ability to successfully raise funds from agencies at federal, state and local levels. The relationships built with local officials and funding entities has provided Wakeland with several beautiful local developments. Some of this funding is received through the City and County of San Diego and through other municipalities such as the City of Carlsbad and the City of National City. Following are developments where local funds were utilized:

Vista Las Flores, Town Square Apartments, Canyon Rim, Stratton, Walden Glen, Vista Terrace Hills, Coronado Terrace

Affordable Housing Program (AHP)

AHP administered by the Federal Home Loan Bank is a good funding source for gap financing and/or assisting with rental subsidy. Wakeland’s Vista Las Flores development was awarded an AHP grant.