Project Description
The Jasmine at Founders Village
Address: 17911 Bushard Street, Fountain Valley, CA 92708
Phone Number: (714) 963-9660
Year Completed: 2004
Type: Senior | Units: 156
Management: Western Seniors Housing, Inc.
Partners/Lenders:
- Wells Fargo Bank
- California Community Reinvestment Corporation
- MMA Financial, Inc.
- City of Fountain Valley
- County of Orange
- Foundation For Affordable Housing
- Fountain Valley School District
- California Tax Credit Allocation Committee (CTCAC)
This project brought a unique opportunity to Meta Housing Corporation: the ability to develop a senior housing project while serving as master developer for the land.
Situated on a 12-acre site owned by the local school district, the project plans consisted of three separate developments, including
- For-sale senior condominiums
- A senior multifamily rental community
- A Senior Center
Meta Housing Corporation was hired as master developer for “Founders Village,” and was tasked with the design of this master-planned neighborhood.
To start, the Meta team identified and secured a developer to construct the for-sale senior condos, and managed the progress of that project.
From there, Meta Housing utilized its expertise in the tax credit field to secure 9% tax credits, as well as financing from the City Redevelopment Agency and the County of Orange, in order to construct the senior rental community.
Using this financing, the Meta team developed The Jasmine at Founders Village, a 156-unit senior housing community for active adults aged 55+.
Meta Housing continues to own this apartment community today, subject to a ground lease with the Fountain Valley School District.
Meta Housing was also retained as the contracted developer for the Founders Village Senior Center, which is owned and operated by the City of Fountain Valley.