18701 Flying Tiger Drive, Santa Clarita, CA | Acquired in 2001
Bristol acquired 6 acres of vacant land in 2000, which had previously been entitled for a commercial use. Bristol identified a shortage in senior affordable housing within the City of Santa Clarita, and proposed a zone change to allow for the development of multi-family residential, which was embraced and approved by the City of Santa Clarita. Bristol constructed the 200-unit project in 2002, and when it opened its doors in 2003, it was virtually 100% pre-leased to senior citizens (55 years of age or older).
Canyon Country Senior Apartments contains 200 apartment units, consisting of 141 one bedrooms and 59 two bedrooms. Under the Low Income Housing Tax Credit program, Canyon Country Senior Apartments was completed in 2003, utilizing State of California allocations of Tax Exempt Bonds and Low Income Tax Credits.
The Federal Government created the Low Income Housing Tax Credit Program (“LIHTC”) in 1995 to induce developers to build affordable housing by offering them financing incentives in return for long-term rent restrictions to benefit tenants. Under this program, projects receive allocations of tax-exempt bonds and tax credits.
|Development Type||New Construction|