Eden Housing Celebrates “Final Pour” of Warm Springs Village Apartments

FOR IMMEDIATE RELEASE
9/17/2019

Media contact: Daniela Ogden
510-935-1022

Eden Housing Celebrates “Final Pour” of Warm Springs Village Apartments

FREMONT, CA – After three months of laying the foundation at Warm Springs Village, Hayward-based nonprofit developer Eden Housing celebrated the “Final Pour” on the afternoon of Friday, September 6. The project is part of Toll Brothers’ master planned development, Metro Crossings, which will include 1,001 total residences and nearly two acres of parkland.

“Today marks the culmination of more than two years of collaborative partnerships between the City [of Fremont], Eden Housing, Toll Brothers… Wells Fargo, and CCRC. This $82 million project would not have been possible without these strategic and valuable partnerships,” said Fremont Mayor Lily Mei.

Located directly across Warm Springs Boulevard from BART’s newest station, Warm Springs Village Affordable will consist of 132 rental apartment homes for families in two buildings. Each of these new buildings will include its own community room with a kitchen, community courtyard, barbeque grills and gardens, computer labs, and bike storage. Additionally, each building will utilize a Puzzle Parking Lift System by CityLift to fit 155 cars in a space that would typically only fit 57.

The development utilizes California Tax Credit Allocation Committee’s 9 percent/4 percent Hybrid Tax Credit structure, with one of the buildings utilizing the 4 percent Low Income Housing Tax Credit (LIHTC) and the other building utilizing the 9 percent LIHTC.  All units are affordable to households earning between 30 percent and 60 percent of the Alameda County Area Median Income. This project was made possible with financial support from Wells Fargo, CCRC, and Toll Brothers.

Fremont renters are increasingly burdened by rising rents and low wages. Nearly half of residents spend 30 percent or more of their income on rent and utilities. In Fremont, a full-time worker needs to earn an hourly wage of $58.27 on average to afford a modest, two-bedroom rental home. This is based on a fair market rent of $3,030 for a two-bedroom home.

The City of Fremont plays a crucial role in forging a solution to the housing crisis through its Affordable Housing Ordinance. “One of the many roles that the City plays in getting this project built is through the inclusionary requirement. Namely, when there is a market rate development and a master planned community, the City of Fremont has an ordinance that requires there to be a certain amount of affordable housing incorporated into the plan. That’s why we’re here today,” said Andy Madeira, Senior Vice President of Real Estate Development at Eden Housing. 

At the conclusion of the program, esteemed guests had the opportunity to leave their handprints in a “final pour” of cement. The resulting stones will be featured throughout the community in landscaping.

The event program featured:

Andy Madeira, Senior Vice President of Real Estate Development, Eden Housing
The Honorable Lily Mei, Mayor of Fremont
Raj Salwan, Vice Mayor of Fremont
Jeff Bennett, Senior Vice President, Wells Fargo Bank
Tom Blalock, Former President, BART Board of Directors
Josh Thurman, Deputy Chief of Staff for Supervisor Scott Haggerty
Rocky Fernandez, District Director for Senator Bob Wieckowski, CA Senate District 10
Matthew Jorgens, Field Representative for Assemblymember Kansen Chu, CA’s 25th District

 

About Eden Housing

The mission of Eden Housing is to build and maintain high-quality, well-managed, service-enhanced affordable housing communities that meet the needs of lower income families, seniors, and persons with disabilities. In its 50 years of service in California, non-profit Eden Housing has provided a home for more than 100,000 people. Eden Housing is the long-term owner-operator of its developments, and is committed to preserving and maintaining its buildings as community assets and supporting residents with a range of services. For more information, visit www.edenhousing.org.

 

eden housing does not discriminate based on race, color, religion, sex, disability, familial status, national origin, or any other arbitrary basis.