Rainbow Recognized for Achievement in Affordable Housing
Service-enriched housing programs aid in the stabilization and preservation of Section 8 properties in Southern California
Miami Beach, FL – January 25, 2015 – (RealEstateRama) — Rainbow Housing Assistance Corporation (Rainbow), a nonprofit organization that provides service-enriched housing programs for residents of rental housing communities throughout the country, was honored at the recent Novogradac 2016 Tax Credit Housing Developers Conference in Miami Beach, Florida, alongside The Reliant Group during the 2016 Developments of Distinction Awards ceremony for their exceptional achievement in affordable housing development.
Rainbow partnered with The Reliant Group which served as the development team for the portfolio. The San Gabriel portfolio, which comprises five Section 8 properties totaling 429 units in Lancaster, Victorville, and Rialto, California, was recognized in the “LIHTC Development that Preserves Existing Affordable Rental Housing” category for the rehabilitation and renovation. In addition to demonstrating significant financial innovation, the portfolio was acknowledged for having a meaningful impact on the communities it serves.
“This award speaks directly to Rainbow’s mission statement – to preserve quality, affordable housing for all,” said Flynann Janisse, Executive Director of Rainbow. “As the national affordable housing shortage continues, the low-income housing tax credit is one of the key methods of sustaining affordable housing.”
Rainbow, which serves as the managing general partner and service provider for the portfolio, and the portfolio’s owner, The Reliant Group, are currently implementing a rehabilitation program which, among other items, includes enhancements to community resource centers out of which Rainbow will operate. The Reliant Group was also successful in negotiating HAP contract extensions for all of the properties ensuring the properties remain affordable.
“We are proud to be working alongside Rainbow to provide services the residents need in order to help stabilize the tenant base,” said Caskie Collet, chief operating officer of The Reliant Group. “Rainbow’s participation in the San Gabriel portfolio is structured as a part of a long-term plan to preserve and improve the affordable housing stock in Southern California.”
The renovations are expected to take 9 to 11 months to complete and will focus on curing all deferred maintenance, improving curb appeal with new signage and landscaping upgrades, reducing operating and utility costs, in addition to ensuring the longevity of the assets well beyond the 15-year tax credit compliance period. Exterior upgrades will include new roofs, energy-efficient windows, sliding glass doors and light fixtures throughout the properties, new playground equipment and expanded play areas, redecorated community buildings, and expanded clubhouses for residents at select properties. In-unit upgrades will include the installation of new cabinets and countertops, energy-efficient appliances and lighting fixtures, low-flow toilets and showerheads, as well as dishwashers where space is available.
Rainbow is currently providing services to more than 80 affordable housing developments across the country, which includes new services and general partnership contracts in several states. Rainbow is also involved in a number of new developments which received 9 percent credits in three states, beginning construction in mid-2016.
About Rainbow Housing Assistance Corporation:
Rainbow Housing Assistance Corporation (Rainbow) is a nonprofit organization that provides service-enriched housing programs for residents of rental housing communities throughout the country. With award-winning services available throughout the United States, Rainbow seeks to create and preserve quality, affordable housing for families and individuals of diverse ethnic, social, and economic backgrounds.
About The Reliant Group:
The Reliant Group is a unique team of investment and management specialists, with deep capabilities in market rate and affordable multifamily housing, focusing on tax exempt finance, tax credits, construction and rehabilitation, and adaptive re-use projects. This skill set provides an unmatched ability to deliver maximum value in a minimum amount of time. Reliant is committed to conducting its business in a socially responsible manner. The company sponsors major ongoing initiatives in service-enriched housing and green building throughout the country.