CITY OF STANTON
AFFORDABLE HOUSING UNDERWRITING AND PROPERTY DISPOSITION STRATEGY
RSG worked with staff to resurrect a two-phase affordable housing development, known as the Tina Pacific Project, in the City of Stanton. The Project was significantly delayed by the statewide dissolution of redevelopment agencies. The elimination of the low and moderate income housing fund reduced the City’s available funding sources, making this Project financially infeasible for the Authority to complete. Prior to dissolution, the Authority had been acquiring properties that are scattered throughout the Project site. The Authority was determined to make this Project work in a post-dissolution environment. RSG provided a variety of services including; a technical review of the Developer’s underwriting, strategic financial planning, and presenting in the City Council workshop.
RSG was originally hired to complete the technical review only and provide comments to the Developer’s underwriting. This job later evolved into strategic planning wherein RSG worked with staff to find a way to finance both phases of the Development. Working in partnership with the staff and the Developer, RSG was able to develop a strategy that reduced the Project budget and identified additional sources of financing. After many years, the Project is now financially feasible and the Authority will be able to move forward with the Project.