Story 35: Eden Does it First: The HUD 6 Success Story
July 9, 2018
The story of Eden’s “HUD 6” is about more than just keeping housing affordable for the long-term—it’s about many partners coming together to make something powerful happen. The largest partner, the U.S. Department of Housing and Urban Development (HUD), created requirements that included long-term affordability guarantees. By refinancing all six properties together, Eden was able to save substantial development costs, enabling significant rehabilitation that individual properties could not fund on their own.
The single refinancing also created a more attractive opportunity for lenders and tax credit investors. The deal preserved 278 affordable homes for seniors and residents with special needs in Hayward, San Leandro and Fremont.
Residents who live in the six communities now benefit from the renovations to their homes and shared spaces. The rehab work included upgrades to doors and kitchens, newly constructed community rooms, water efficient landscaping improvements, and ADA-accessible features.
For example, residents of Olive Tree Plaza, a special needs community built in 1986, formerly had their community meetings in the laundry room or outside under a small gazebo that could only fit five people. Now they have a beautiful community room that accommodates everyone!
The improvements to outside community areas – community gardens and other communal gathering areas — all encourage active living and socializing, a key component for successful aging in place.
The renovations were completed in 2015. After more than a 56 million dollar investment, now 343 residents call these properties home.
The success of this project has created a path for other organizations to follow. And now that the rehabilitation process is complete, residents of the six properties will be assured access to updated facilities and affordable homes for years and generations to come.