CITY OF BREA, CA, PARTNERS WITH JAMBOREE HOUSING CORPORATION TO DEVELOP BIRCH HILLS APARTMENT HOMES, ORANGE COUNTY’S NEWEST WORKFORCE HOUSING COMMUNITY

Brea, CA (October 24, 2012) – Underscoring the importance of public/private partnerships in the development of affordable housing, the City of Brea in Orange County, CA, has partnered with Jamboree Housing Corporation, one of California’s leading community development organizations specializing in affordable housing, to develop Birch Hills Apartment Homes, a new workforce housing community.

Construction is now underway on the 115-unit, Spanish-styled apartment development that is adjacent to the Birch Hills Golf Course and is designed to be LEED Platinum. The new community will provide housing for families who earn between 30% and 60% of the Area Median Income (AMI) with rents ranging from approximately $500 to $1,500 per month based on family size and income level. Completion is slated for September 2013.

Since 1993, the City of Brea has assisted in the funding and development of hundreds of affordable housing units and is considered one of Orange County’s most progressive cities when it comes to the creation of affordable and workforce housing.

The newest addition to Brea’s workforce housing inventory, Birch Hills Apartment Homes is the second workforce housing development in Brea built by Irvine, CA – headquartered Jamboree. Earlier this year, the company completed its LEED gold certified Bonterra Apartment Homes featuring 94 garden-style apartments that also provide workforce housing for families who earn between 30% and 60% AMI.

“With the demise of redevelopment in California, the public/private partnership that coalesced to develop Birch Hills Apartment Homes was critical in providing the funding necessary to build this workforce housing community,” says Laura Archuleta, president of Jamboree. “Without that partnership, this family oriented apartment community would not have been developed.”

Strategically located near shopping, community services, and schools, Birch Hills Apartment Homes is part of the La Floresta master-planned community currently under development in Brea by Birch/Kraemer LLC on land owned by Chevron Land and Development. The apartment property encompasses eight three-story buildings and a recreation building, all arranged around central courtyards that are linked by tree-lined, pedestrian-friendly landscaped walks.

"The City of Brea is once again pleased to partner with Jamboree to bring an attractive, well-planned, sustainable housing development to a new master development community in our city,” says Brea Mayor Don Schweitzer.

The public/private partnership to build Birch Hills Apartment Homes was key in overcoming the challenges of funding affordable housing in California due to the demise of redevelopment. Financing for the $26.2 million development consists of $4.75 million in redevelopment funds as well as donated land for the 5.8-acre project site from the City of Brea; $2 million in HOME Funds from the County of Orange; $11.15 million in low income housing tax credit equity invested by Union Bank through the California Tax Credit Allocation Committee (CTCAC); as well as $17.94 million in construction financing and $7.9 million in permanent financing from Union Bank.