National CORE’s Pasadena Senior Housing Poised to Advance

Pasadena is poised to add a 100-unit affordable housing complex for seniors to the city’s Civic Center.

The Pasadena City Council is slated to vote today on key portions of an amended development and lease agreement with nonprofit developer National Community Renaissance of California advancing plans for the residences at 280 Ramona Street, Pasadena Now reported. The project is estimated to cost $83.1 million, or $831,000 per unit.

The agreement would amend the Pasadena Housing Department’s budget to set aside $5 million in State Local Housing Trust Fund money for the project, including nearly $4.8 million in construction loans and $250,000 for administrative support.

The city’s support would total $19.2 million, combining a nearly $14.5 million ground lease value with the approximately $4.8 million in state housing trust funds. Additional funding includes almost $2.8 million in federal HOME program allocations and close to $8.2 million in loans from Los Angeles County’s No Place Like Home program. Developer National Community Renaissance has also applied for state Multifamily Finance funds, Low Income Housing Tax Credits, and Federal Home Loan Bank support to close a funding gap of nearly $50.7 million.

The Ramona Senior Housing development would include 99 units for low-income seniors and one unit for a resident manager. The five-story complex was approved by the city’s design commission last year. Amenities include a community room and courtyard as well as a covered loading zone and dedicated paratransit pickup area along Ramona Street in place of on-site parking.

Under the terms of the agreement, the developer will lease the city-owned site for 99 years at $1 annually, with affordability locked in for the same period. The project would also be subject to Pasadena’s minimum wage and local hiring ordinances. The budget and lease amendments are administrative actions not subject to the California Environmental Quality Act; the development was previously deemed exempt from CEQA approvals under the in-fill housing category.

— Chris Malone Méndez