In our 30th anniversary of Building for Good, Jamboree’s $1.3 billion future development pipeline is as robust as ever. It includes new developments and the acquisition and rehabilitation of existing properties that will serve working families, seniors, veterans, the homeless, and those with special needs.
As Jamboree’s pipeline grows, so does our geographic reach – from Chico, Sacramento, and the Bay Area in Northern California to Los Angeles, the Inland Empire, Orange County, San Diego and to our border in Southern California.
Jamboree’s sources of funding are also expanding, as building and renovating properties depends on a nexus of funds – construction and permanent loans, and equity partners. This requires collaborative funding strategies that involve public agencies as well as banks, private investors, and other debt and equity sources.
The strength of our asset portfolio and reserves as well as our development pipeline rests on the solid foundation of relationships with our trusted financial partners. In 18 months, a growing network of these partners have entrusted Jamboree with $26.8 million in local funding. State and federal partners have followed suit, empowering us to leverage a total $383 million to fund 1,110+ new homes at 15 new communities in eight counties across California. This adds significantly to Jamboree’s asset portfolio of $3.2 billion, fueling our mission and commitment to more quality affordable housing. For a visual of how we leverage these local dollars, see Jamboree’s Production Pipeline & Funding Infographic.
Tax credits lead the way with $126 million secured over the past year. At the same time, Jamboree’s team has been finding other additional private and public financial resources from both current and new sources to compliment the tax credits. This includes more than $5 million in annual project-based vouchers, which will assist 630 households for many years to come.
Another new source of funding is California’s Homekey, a pool of $835 million created from the federal CARES Act coronavirus relief package. Administered by the Department of Housing and Community Development (HCD), these funds are to help local governments purchase hotels and motels to permanently house homeless individuals.
With this funding, Jamboree netted $68 million in grants that will convert 364 motel rooms – in Santa Clara County, Sacramento County, and Orange County – into Permanent Supportive Housing for those formerly homeless. Cities and developers have to move swiftly on the program, as the CARES Act funds expire on December 31, 2020. As a result, occupancy of these homes will begin in the first quarter of 2021.
At the same time, 182 new apartments for working families will open in Anaheim and Fontana. As with all Jamboree properties, these new communities will offer an ever-growing array of programming for residents and the surrounding neighborhoods. These onsite services include health clinics and Head Start Centers staffed by local community partners.
Jamboree secured another $60.5 million from the myriad of state programs administered by the California Department of Housing and Community Development (HCD). This includes:
Plus, Jamboree brought in an additional $9 million in funding from public and private local resources such as Housing Trust Funds and partners from the business sector.
Join us as we continue building up California. Connect with Roger Kinoshita, Jamboree’s Senior Director of Business Development. Put our team’s development and financial expertise to work for your neighborhood, city and county.