Developer: Nonprofit affiliates of Lutheran Care for the Aging
Owner: Nonprofit affiliates of Lutheran Care for the Aging
Location: Napa, Ca.
Rohlffs Manor Senior Housing, a 355-unit, multi-level-care senior affordable housing community in Napa, California, was acquired and rehabilitated with low-income housing tax credit financing over several years. Rohlffs Manor had been built as three separate facilities with different regulatory restrictions and financing. Original financing included a HUD Sec. 202 loan for the 100 units in Phase I built in 1968, a HUD Sec. 236 loan for the 46 units of Phase II built in 1975, and LIHTCs, tax-exempt bonds and state and local loans for Phase III’s 213 units, built in 1992. EAH, with the cooperation of Union Bank, the Housing Authority and the state’s Community Development Department, which approved the assumption of an existing loan on Phase III and modification of its Regulatory Agreement, and, eventually HUD, which approved the assumption of the 202 loan rather than a payoff, were able to close the transaction on March 12, 2009, one day before the deadline.
Development Team: EAH, Union Bank, Housing Authority of the City of Napa, California Municipal Finance Authority, Jones Hall and the state Community Development Department.