Rehab Launch Event-Josephine Lum Lodge

Hayward’s Eden Housing to Launch $24 Million Preservation of 33 Year Old ‘Josephine Lum Lodge’-- with a “Bang”!

Hayward:  On Tuesday, January 17th,   gold ceremonial sledge hammers will be making their mark on the buildings to be renovated at Josephine Lum Lodge, Hayward nonprofit developer Eden Housing's oldest affordable multi-unit housing development.  The beginning of the major refurbishment will be celebrated with a "Renovation Launch” event at the property.  Guests, including Hayward Mayor Roberta Cooper and HUD Regional Director Richard Rainey, will be invited to take a whack at the buildings to be renovated.  These and other dignitaries will also take part in a speaker"s program, and refreshments will be served.  The event is being sponsored by one of the project’s major finance sources, Citibank. 

 

“JLL”, as the community is called, was completed in 1973 and provides 150 units for low-income senior households.  It is located on nearly 4 ½ acres on Oliver Drive in Hayward. When first built, the development was funded by the Dept. of Housing and Urban Development and construction cost just over $2 million.  Construction costs for this rehabilitation 33 years later are about $10 million.  The project also is being refinanced; it is receiving $10.4 million in tax credits through nonprofit Merritt Community Capital Corp.; the City of Hayward issued tax-exempt bonds for the project; HUD is project-based Section 8 and other subsidies.  The total cost of the preservation project will be just over $24 million.  Eden is making substantial long-term improvements to the property, including 100% roof replacement, redesign and rebuild of walkways, catwalks and balconies, new fencing, siding and window replacement, parking area resurfacing and significant unit interior improvements.   The residents will be temporarily relocated to comfortable accommodations during the rehabilitation of their buildings. 

 

Affordable housing preservation has become a major focus of Eden Housing and other affordable housing developers as their existing properties age and the original tax credits or other financing expire.  These expiring funding sources present opportunities for obtaining cost effective refinancing at today’s favorable rates and doing extensive repairs and updates on the aging properties.  

 

The rehabilitation is expected to be completed in August of 2007.

 

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Active: 
Yes
Release Date: 
Thursday, January 12, 2006

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