The San Gabriel Portfolio
Developer: Gung Ho - San Gabriel LP
Owner: Reliant - San Gabriel LP
Location: Victorville, Rialto, and Lancaster, Calif.
The winner of the 2016 LIHTC Development that Best Preserves Existing Affordable Rental Housing is Gung Ho–San Gabriel LP for developing The San Gabriel Portfolio in Victorville, Rialto and Lancaster, Calif. The Reliant Group, owner of the development, used $19.7 million in low-income housing tax credit (LIHTC) equity to purchase the five-property, 429-unit, portfolio of aging southern California Section 8 housing. The five properties, now known as The San Gabriel Portfolio, had been developed previously under the Section 8 housing assistance payments (HAP) program more than 30 years ago. The Reliant Group renewed the HAP contracts for a term of 20 years and executed new 55-year regulatory agreements, preserving the properties as affordable.
In addition to providing enhanced curb appeal to the properties and upgrades to the individual units, the renovation scope included a number of energyefficiency components which will reduce operating and utility costs and ensure the longevity of the assets well beyond the tax credit compliance period.
“The developer managed to preserve affordable housing at a point that it could have been lost; utilizing creative financing, the developer is providing very-low-income housing, while integrating much-needed community services.” Rochelle E. Lento, Dykema Gossett