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Tustin-based C&C Development’s latest affordable housing project, The Meadows Senior Apartments, caters to seniors in Lake Forest.
The new residential development, which was fully occupied when it opened earlier this year, is a 65-unit affordable housing project for tenants aged 62 and older. C&C Development’s affordable housing projects typically focus on workforce housing. This project is the company’s first that targets seniors.
Affordable units are set aside for seniors who generate 30% to 60% of the area median income.
The Meadows was developed at the corner of Bake Parkway and Lopala in partnership with Riverside Charitable Corp. The property is located within the Toll Brothers Meadows Master Plan Community in Lake Forest.
Todd Cottle, a principal at C&C Development, said The Meadows is an example of the affordable housing projects his company actively pursues in Orange County. Those projects include Citrus Grove Apartments and Buena Vista Apartment. The Orange-based workforce housing projects are geared for lower-income families.
“What we see in affordable housing and workforce housing in Orange County, there’s always more demand than there are units available,” Cottle told the Business Journal. “It’s an expensive place to live, for people to call home, especially seniors.”
Other C&C Development projects include Serrano Woods, a 63-unit workforce housing complex in Orange, and Wilshire/Minnie Apartments in Santa Ana.
“About half of what we do are developments where we’re working in partnership with a city, and the other half are like The Meadows, where we partner with a market-rate developer who has their affordable obligation and we’re coming in, doing that through as a tax credit project,” Cottle said.
C&C Development, with The Meadows, now has 30 affordable housing developments within Orange County.
Cottle said The Meadows satisfied a larger requirement for Toll Brothers to provide affordable housing units within its master planned development off Bake Parkway.
The Meadows Senior Apartment
C&C Development secured financing for The Meadows from the Low-Income Housing Tax Credit, which was made possible through the California Tax Credit Allocation Committee, California Debt Limit Allocation Committee and California Statewide Communities Development Authority.
Bank of America provided construction and permanent loans, with additional financing coming from the city of Lake Forest, the county of Orange, OC Housing and Community Development and The Orange County Housing Finance Trust.
Riverside Charitable Corp., the Tustin-based nonprofit that partnered with C&C Development on The Meadows, specializes in accessible housing solutions for seniors and low-income families.
All 65 units of The Meadows, which are rentals, are located within a single two-floor building and range in size from 600 to 800 square feet. Monthly rents range from $1,200 to $1,700 for a one-bedroom and $1,300 to $2,000 for a two-bedroom unit.
The Meadows is home to 52 one-bedroom and 13 two-bedroom units.
Each unit is ADA accessible and adaptable. On-site amenities include community rooms, open spaces, outdoor verandas and a barbecue area. Also available to residents is a community kitchen and laundry room.
A dog park is located next to The Meadows.
Also available to residents are pickleball courts and on-site classes and health and wellness programs provided by LifeSTEPS, a resident services provider for affordable housing developments.
The development has a waitlist of about 500 people.