CRA Qualified Investment Fund Bond Purchase Helps Finance Affordable Rental Property Designed Exclusively For Seniors
FT. LAUDERDALE, Fla., March 19, 2013 /PRNewswire/ -- Community Capital Management, Inc., on behalf of its flagship fund – the CRA Qualified Investment Fund CRA Shares (Ticker: CRAIX) – announced today that it invested $2 million in a bond helping to finance Lakeview at Victoria Park in Waldorf, Maryland. The complex is a Low Income Housing Tax Credit property for seniors and was awarded $1.3 million in Maryland Community Development Administration HOME funds for construction costs. The backing of the Charles County Commissioners helped to ease the project through the local zoning process, as well as to obtain an impact fee waiver and lower the minimum age from 62 to 55 to make housing more accessible to people locally.
Lakeview at Victoria Park was specifically designed to meet the challenging physical, social and psychological changes of the aging process, creating a structure that is extraordinarily fine tuned to the needs of seniors. Some of these features include: wall accents painted in bright primary colors and fluorescent light bulbs in light fixtures to address the loss of sight; hand-rails installed on one side of the hallways to address changes in mobility; doors with levers rather than knobs to eliminate unnecessary wrist strain; and furniture with backs, arms, rounding and padding to make sitting down and getting up less stressful on the spine and legs.
Additionally, utility costs are kept down through the use of an Aquatherm system which is one of the most advanced and environmentally-friendly piping systems in the world. The dryers in the laundry room are operated through the use of pro-rated cards that charge only for the amount of time used, saving seniors additional money and eliminating the need to carry cash or search for change in coins.
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