PROJECT FUNDING

Wakeland's projects typically require a layering of multiple fund sources in order to keep unit rents or home sale prices affordable to low and moderate-income households.

Those sources have included:

• Tax-exempt bonds.

• Limited partner equity via the sale of 4% or 9% tax credits.

• Local government funds from a myriad of programs.

• Federal Home Loan Bank contributions under its AHP program.

• Local Initiatives Support Corporation (LISC)

• Low Income Housing Fund (LIHF)

• The California Housing Finance Agency.

• Loans from nonprofit intermediaries.

• Loans from private lending institutions.

Tax Credits     Bonds       Local Funds      Affordable Housing Program

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.  Following are development where 9% tax credit were utilized:

Vista Las Flores, Brookview Senior Apartments

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 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, Brookview Senior Apartments, 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 great funding source for gap financing and/or assisting with rental subsidy.  Following are developments that have been awarded an AHP grant:

Vista Las Flores, Brookview Senior Apartments 

Organizational Funding

Until approximately ten years ago the financing of affordable housing developments did not include the complexity that exists today.  Many affordable housing developers utilized tax credits, investor equity, construction loans and permanent financing.   Currently, due to the rise in development costs and the shrinking availability of funding, many affordable housing developers must utilize what is called "layered" financing.  

625 Broadway, Suite 1000  
San Diego, CA 92101

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