When the market turned in 2006/2007, the feasibility of developing those condos was significantly reduced. The planned condos were burdened with mello-roos, HOAs, and affordability covenants.
Meta Housing Corporation was able to give Lennar and Lyon a solution: convert the product to senior rentals. We worked for a year to re-entitle the land, while maintaining age and affordability restrictions and fulfilling all obligations to the HOA.
We then secured 4% low income tax credits and tax-exempt bond financing, and coupled those sources with a third-party market rate investor.
By combining these elements, we were able to fulfill the obligation to the City and deliver affordable units while allowing Lennar and Lyon to move forward with the remaining components of its master plan.