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Affordable Senior Housing Foundation Closes $5.1 Million Tax-Exempt Financing with CEDA to Acquire Oak Hill Residential Care Facility

 

Affordable Senior Housing Foundation is a 501(c)(3) non-profit organization which was established to manage and operate the Oak Hill Residential Care facility in Escondido, California.  Oak Hill Residential Care, also a 501(c)(3) non-profit, was organized in 1997 and is a licensed residential care facility for the elderly. Oak Hills’s facilities are built on 2 plus acres of fenced and gated private grounds and consist of 7 cottages totaling 51-units, or bedrooms, with 99 licensed beds. Each cottage is equipped with a kitchen, dining area, living room and outdoor courtyard. In these facilities, Oak Hill Residential Care aims to provide an affordable alternative to the high cost of long-term care for their residents. The majority of residents are disabled as a result of a variety of medical conditions including, stroke, dementia, Parkinson’s disease and diabetes.

In November 2017, CEDA closed a financing with Affordable Senior Housing Foundation for $5,100,000 to finance the cost of acquisition and renovation of the Oak Hill facility consisting of approximately 37,349 square feet of space, a parking garage, and a storage facility.  The tax-exempt financing will result in a significant saving in effective interest rate, the savings of which can be put back into the facility’s important programs and services.

More information about Oak Hill Residential Care can be found online at: http://www.oakhillresidential.org/.

 

About CEDA:  In 2006, CALED established CEDA, a Joint Powers Authority (JPA), to address gaps in Economic Development financing.   CEDA is committed to providing alternative financing options to manufacturers, 501(c)(3) non-profits, and California communities, with the ultimate mission of supporting economic development.  To learn more about CEDA, please visit its web site at http://ceda.caled.org/.