CEDA Closes $7.1 Million Tax-Exempt Financing with Sequoia Affordable Housing Foundation for Assisted Living Facility in Vista
Sequoia Affordable Housing Foundation (SAHF) was organized in 2018 as a California non-profit corporation with a mission to provide affordable, high-quality assisted living facilities for low-income seniors and other qualified individuals. SAHF sought tax-exempt financing to purchase an existing assisted living facility in order to bring the facility into a non-profit ownership structure to prevent increased occupancy costs for current and future residents. The current facility in Vista is located on around 2.5 acres of land with buildings totaling about 14,600 square feet including 25 bedrooms and 48 beds licensed for elderly residential care. As it is now, the facility is dated and does not meet industry standards.
SAHF and its wholly-owned affiliate, SAHF Shadowridge, LLC, completed the tax-exempt financing of $7,146,000 with the California Enterprise Development Authority (CEDA) in December 2018 to finance the acquisition, renovation, furnishing, and other related costs of the Vista facilities. The newly-renovated facility, once complete, will be rebranded as Shadowridge Manor under the new management and will provide its residents with a safe and healthful environment in which to live.