Boston Private Announces Affordable Housing Investment in Lancaster, California
LOS ANGELES, CALIF. — (December 5, 2016) — Boston Private, a leading provider of wealth management, trust and private banking services, today announced its participation in preserving a 121-unit apartment complex located at 43460 32nd Street West in Lancaster, California, 70 miles north of Los Angeles. Antelope Valley Apartments consists of 16 two-story buildings, utilizes Low Income Housing Tax Credit equity and provides affordable housing for families earning 50-60% of the area median income. All units are supported by a long-term Housing Assistance Payment contract through the Department of Housing & Urban Development.
Boston Private provided a $17.6 million loan utilizing tax-exempt bonds to support acquisition and substantial rehabilitation of the units, which includes renovating the interior kitchens, bathrooms, flooring, and common areas plus exterior repairs and maintenance including complete painting.
There are currently 163 families on the waiting list, indicating extremely high demand for affordable housing in the Antelope Valley region of the county.
“At Boston Private we are deeply committed to community investment and especially to finding ways to preserve affordable housing,” said Rufus Phillips, Vice President and Commercial Loan Officer, Boston Private. “This high impact lending effort marks Boston Private’s first affordable housing financing in Antelope Valley and we look forward to more opportunities in the future to help maintain housing for low and moderate income residents in the region.”
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About Boston Private
Boston Private is a leading provider of fully integrated wealth management, trust and private banking services. For more than 25 years, Boston Private has taken a highly personalized approach to serving the complex financial needs of individuals, families, business owners, private partnerships, nonprofits and community partners. Boston Private is also an active provider of financing for affordable housing, first-time homebuyers, economic development, social services, community revitalization and small businesses.
Headquartered in Boston, Boston Private has 35 offices across the U.S. including Boston, San Francisco, San Jose, Los Angeles and Palm Beach. Private banking and trust services are provided through Boston Private Bank & Trust Company. Wealth management services are provided through Boston Private Wealth LLC, an SEC registered investment adviser and a wholly owned subsidiary of Boston Private Bank & Trust Company.
Boston Private Bank & Trust Company is a subsidiary of Boston Private Financial Holdings, Inc. (NASDAQ: BPFH). For more information, visit www.bostonprivate.com.