Lightfighter Village Veterans Housing Project Received $ 12 Million, Nearly Fully Funded – Monterey Herald
MARINA – Lightfighter Village, a Veterans Transition Center and EAH Housing project to develop housing for homeless veterans, received $ 12 million in funding from the Veterans Housing and Homeless Prevention Program. shelter.
“Lightfighter is very important as a housing dedicated exclusively to low and very low income veterans,” said Kurt Schake, executive director of the Veterans Transition Center.
In a letter to VTC and EAH on September 3, the California Department of Housing and Community Development announced that EAH Inc.
“This award allows EAH to research the last piece of the capital pile – tax credits and tax-exempt bonds,” said Michael Schaier, EAH project manager. “Once we have received tax credits, EAH will select a necessary lender and equity investor to begin construction.”
EAH Housing is a non-profit housing development and management company that has been developing and managing properties in California and Hawaii for over 50 years.
Lightfighter Village in Marina is a $ 40 million project that would develop a three-story, 71-unit, 2.3-acre housing structure that would give homeless veterans a place to live in perpetuity without any transition requirements while continuing to benefit from case management and access to support services.
Of the total number of units, 64 would be studios of approximately 415 square feet and seven two-bedroom units of approximately 850 square feet, including one management unit. The structure would include a community hall, a director’s office, a computer lab, a pet washing station, a laundry room, a meditation room and a fitness room.
“All on VTC property and in the service of local veterans,” Schake said. “With the current numbers of homeless veterans, Monterey County will reach functional zero – where no veteran is forced to live on the streets.”
Schaier said about half of the funding has been secured so far – 40% from state sources, including veteran housing and homelessness prevention, and 10% from local and federal sources. The remaining 50% will be realized through the equity tax credit.
“Tax credits are allocated to the state by the federal government,” Schaier said. “The state administers the program and allocates credits to individual projects. The developer then sells the credits to an investor who uses the credit to reduce their tax burden.
What happens next is getting the tax credits and tax-exempt bonds, and closing the construction loan.
Schaier said the first groundbreaking is expected sometime in 2022, followed by completion and rental around 18 to 20 months after construction begins.
EAH Housing is the developer of Lightfighter Village and will manage the property once it is built and residents have moved in.
The Marina accommodation site is located on Hayes Circle and is within half a mile of public transportation, employment, shopping, and the Veterans Affairs / Department of Defense outpatient clinic as well as the Headquarters of the Veterans Transition Center at Martinez Hall on what was once the Fort Ord Military Base which was closed under the Congressional Base Realignment and Closure Act in 1994. The lands of the closed military base have been transferred to jurisdictions such as Marina, Seaside, Monterey, Del Rey Oaks and Monterey County.
The Lightfighter Village project was unanimously approved by the city of Marina in November 2018.
Lightfighter Village is named after the U.S. Army’s 7th Infantry Division which was primarily based in Fort Ord and is said to be part of the 10 acres of land that the Veterans Transition Center uses for its operations, including its programs. emergency, permanent transitional housing and other services for veterans.
“We are very proud of the support from Marina, Monterey County, State and Virginia,” Schake said. “All housing is also permanent housing,… a definitive and long-term solution to homelessness for veterans. “