March 2018 News Round Up
by Wakeland Staff
March 22, 2018
WAKELAND EXPANDS INTO NEW MEXICO
ALBUQUERQUE, N.M. - The land of enchantment is the land of opportunity. Wakeland is extending our development activities into the state of New Mexico by acquiring a community of 120 market rate apartments in Albuquerque for conversion to affordable housing. The Via Tijeras project will bring a number of benefits to the community, including a top-to-bottom renovation of the development and affordable rents for residents. Our local partner for Via Tijeras is New Life Homes, a nonprofit that has developed affordable housing throughout New Mexico. Wakeland’s team has met with local leaders and community groups to discuss Via Tijeras, and is lining up financing for the project, which should start rehabilitation construction in 2019.
Construction is going full steam ahead at two projects in the Wakeland pipeline. The first will completely renovate and extend the useful life of Reverend Glenn Allison Apartments, an existing housing community in San Diego’s mid-city that serves low-income working families and people who have been homeless. GRID Alternatives has just finished installing an 81.1 kilowatt solar power system at the property that will provide enough energy for all 58 apartments and the community common areas. When general contractor Sun Country Builders finishes construction later this summer, residents will also benefit from a new community center for on-site residents services.
The second project, Warm Springs Apartments will be a new, transit-oriented community of 102 affordable homes in Fremont, California located just steps from a new Bay Area Rapid Transit (BART) station. Developed in partnership with Fairfield Residential, the development is part of a new, master-planned community and is expected to open in fall of 2019.
U.S. BANK FUNDS RESIDENT FINANCIAL LITERACY PROGRAM
Big thanks to the U.S. Bank, which has generously provided $15,000 toward a Wakeland Creating Opportunities for Resident Enrichment (CORE) program that provides financial literacy training to residents and incentivizes them to build up their savings. Participants in the Individual Development Account (IDA) Program learn lifelong savings skills at a series of personal finance courses that cover topics like identity theft, budgeting and credit scores. Residents also strive to put at least $25 per month in a savings account. At the end of the 10-month program, participants who’ve successfully saved each month receive a 1 for 1 match. During last year’s program, each resident came away from the program with $500 to $1,000 in total savings. This year, 19 residents are going through the program, which concludes in July.