USA Properties Fund News

Popular Senior Community Set to Expand in Petaluma

Groundbreaking for Second Phase of USA Properties Fund's Vintage Chateau Senior Apartment Community

A groundbreaking was held Thursday, August 4th to mark the development of the second phase of USA Properties Fund's popular Petaluma senior community, Vintage Chateau. With a great mix of services, including retail and medical in the immediate area, the Vintage Chateau community has been a highly desirable housing choice for seniors since it first opened in 2000.The new addition, Vintage Chateau II, will offer 68 apartments, built adjacent to the existing community on North McDowell Boulevard.  When completed, the new phase will provide much needed affordable housing for seniors age 55 and over on low and fixed incomes. 

There will be 54 one bedroom/one bath apartments, 13 two bedroom/two bath apartments and one apartment for the community manager. Amenities include a 2,458 square foot clubhouse with a great room, kitchen, covered patio, twenty-four-hour onsite management and fitness center available to community residents.  The project is being built to Build It Green Standards. Both USA Properties Fund the developer and the project architect, Bob Kuchman & Associates, are certified Green Building Professionals with the Build It Green program.

The event was well attended by City of Petaluma Officials, a CitiBank representative as well as USA Properties Fund team members.

Vintage Chateau II is an excellent example of a public/private partnership with the City of Petaluma who is a lender on the project and the Association of Bay Area Governments (ABAG) Finance Authority is the bond issuer.

USA Properties Fund  has a history of building and managing multi-family rental projects in Sonoma County including the existing Vintage Chateau Senior Apartment community.  "We are excited to be doing another project in the Petaluma Community."  Geoffrey Brown, President USA Properties Fund.

Vintage Chateau is an important project for the local community as it will create 81 much-needed construction jobs and when completed will supply 15 permanent jobs, while providing needed housing options for seniors the local community.

USA Properties Fund, Inc. is privately owned with land development, construction management and property management services with 30 years of experience in providing affordable multifamily homes for seniors and families in California and Nevada.

Vintage Oaks Senior Apartments has been selected as a finalist for the 2011 NAHB Multifamily Pillars of the Industry Award in the Best Creative Financing of an Affordable Housing Community category.

For the Vintage Oaks Senior Apartments rehabilitation/resyndication in 2010 USA Properties Fund utilized a combination of the Federal Solar Credit Grant Program and the local utility provider, Sacramento Municipal Utilities District (SMUD), Solar Rebate Program to finance solar photovoltaic systems.

The use of large-scale Photovoltaic (PV) systems installed at Vintage Oaks enabled USA to partner with SMUD for the use of virtual "Net Metering" for this project.

Net Metering allows SMUD to annually account for all PV electric production against all the electric consumption the utility meters have measured and equally distribute the PV electricity amongst the end users (residents). This provides the opportunity for energy-conscious residents to see a refund check from the utility company at the end of each year. SMUD has also agreed to provide educational and marketing resources that will be used to teach residents how to be more energy efficient.

Vintage Oaks is the largest successful solar multifamily retrofit project in the region and possibly the state.

Folsom mayor Andy Morin, second from left, joins a group
of housing advocates for a groundbreaking ceremony at
what will be the "Forestwood" affordable housing
community.

Folsom's Forestwood community breaks ground 55 apartments to benefit working families

By Eric Laughlin Telegraph Correspondent

City officials and social advocates came together Friday to help break ground on what will be Folsom’s first affordable family apartment project in two decades.

“Forestwood at Folsom,” located on Greenback Lane near the Orangevale city line, will consist of 55 units in four buildings, in addition to a clubhouse that will host resident activities. The one-, two- and three-bedroom apartments will be available to families with household incomes of 50 to 60 percent of the
county median level.

The project was a joint effort orchestrated by the Roseville-based USA Properties Fund, the Sacramento Housing and Redevelopment Agency and the city of Folsom. The former two organizations approached the city after researching the property and learning that there would be fewer zoning hoops to jump
through, since it had already been readied for a plot of
townhomes.

USA Properties Fund President Geoff Brown said the community’s location in an area surrounded by businesses and public transportation lines will help stimulate the city’s economy. “What’s great about it is that there’s plenty of opportunity to the north, south, east and west,” he said. “Working people are going have all kinds of very local opportunities.”

He said selection of a site so close to Orangevale had nothing to do with politics. “It just happened to be here,” he said. “But I do like it for all its potential. There are merchants right across the street (and) a bus line. It’s got everything.”

Christine Weichert serves as assistant director of SHRA, and said the location and architecture of the new community will benefit
the residents. “What’s nice is that it’s not just one bedroom units like a lot of these communities,” she said. “Working families with children will
be able to take advantage of the two and three bedrooms.” Funding for the project will come from federal, state and local sources. Brown said key funding will be made possible by city redevelopment dollars, which he said will help pay for construction jobs at a time when the industry has suffered.
Folsom mayor Andy Morin thanked his colleagues on the city council and applauded the project at the ceremony. “It isn’t just an affordable project, but really a decent housing project,” he said. The community is set to be completed between 12 and 18 months from now and residents will be able to apply a few months before completion.

Parkside at Sycamore

Parkside at Sycamore, a joint venture of USA Properties Fund (USA) and Pacific West Communities, is a finalist in the Sacramento Business Journal 2010 - 2011 Real Estate Projects.

Congratulations to the USA and Pacific West teams who worked so diligently along to bring this outstanding project to life and to USA Multifamily Management for superior property management!

 

Sacramento’s Largest Apartment Solar Panel Installation Puts Green Energy to Work

USA Properties Fund and SMUD Partner to Bring Greener Living and Lower Energy Costs to Sacramento Residents

CITRUS HEIGHTS, Calif. (September 21, 2010) – The largest installation of solar panels at an affordable apartment community in the Sacramento region has recently been completed and the green technology is already benefitting both the residents of the 241-unit Vintage Oaks senior housing community and the entire Sacramento region.

This one project is responsible for an 86% reduction of electricity from the SMUD grid due to the offset of solar power. This means the amount of electricity required by the Vintage Oaks community from the SMUD grid has dropped to 14 percent due to the on-site production of clean and renewable electricity from the nearly half-megawatt solar photovoltaic system installed by Beutler Corporation.

“We are very pleased with the performance, benefits and savings being generated through solar power and we are considering converting other communities we build and manage,” said Geoff Brown, president and CEO of USA Properties Fund, which built the Vintage Oaks community fifteen years ago and still manages the property. He added, “We are excited by the prospects and hope solar power becomes a key part of our future.”

With more than 70 affordable communities throughout California and Nevada, USA Properties Fund considers this project an opportunity to experiment with large-scale solar power production and learn more about the benefits and savings that can be generated to potentially convert other company-built and managed communities in the future.

“The partnership with USA Properties Fund enables us to demonstrate the benefits of solar power and the technological advancements which make large conversion projects like this possible,” said Wade Hughes, project manager for SMUD. “Any time we can incorporate solar power into existing and new construction and use, we are all taking a giant step towards a greener economy.”

Conversion to solar power at Vintage Oaks began in January and was completed earlier this summer. This project represents the single largest solar panel installation ever at an apartment complex in the Sacramento region.

Added USA Properties Fund CEO, Brown, “Converting to solar is the right thing to do for so many reasons and it is our hope that this is just the first of many solar energy conversions for our company at our properties.”

 

HELP SUPPORT USA PROPERTIES FUND

Vote for Affordable Housing Finance Reader's Choice Green Category Finalist

USA Properties Fund's Vintage Oaks Senior Apartments Solar Installation


Knowing of your support for USA Properties Fund as the first housing choice for both residents and communities, We are excited to share news that our Vintage Oaks Solar Installation have been selected as one of four finalists in the "Green" category of the 2011 Affordable Housing Finance Readers' Choice Awards.

The winning company will be selected by the subscribers of Affordable Housing Finance newsletter. If you are a subscriber please vote for Vintage Oaks Senior Apartments in the Green Category. Vote now at: Survey - AHF Readers Choice - Best Green Development 

If you are not a subscriber, you will not be eligible to vote, but we welcome you to read about our project in the Affordable Housing Finance Reader's Choice Awards July /August addition on-line at: AHF Green Finalist - July/August 2011

As you may know, Vintage Oaks represented the Sacramento region's largest installation of solar panels at an apartment community. Immediately upon installation, the green technology resulted in significant energy savings for the residents of the community's 241 units. The size of the system, which is located on much of the property's building and carport rooftops, provides enough electricity production to offset nearly 100 percent of the common area and resident electric use, depending on the season and weather.

We are very proud of this project and honored to be recognized as a finalist. Given our many partners and supporters, we ask for your help in gaining national recognition for what we believe is a very deserving solar power project. Please forward this email to your friends, business partners, subcontractors and vendors to learn more information about our Vintage Oaks Senior Apartments Solar Project. Voting is open from July 13 to August 12. 

 

SMA Inverters Chosen for 475kW Demonstration System at Senior Housing Community

Vintage Oaks Realizes Reduced Carbon Footprint, Electricity Bills

ROCKLIN, Calif., March 2011—Due to its success since coming online last summer, the nearly 500kW photovoltaic system at the Vintage Oaks senior affordable housing community in Citrus Heights, Calif., has become a demonstration system for other properties by developer USA Properties Fund, Inc. Based on their quality and reliability, 98 SMA Sunny Boy inverters were chosen to convert the direct current (DC) collecte
Designed by Beutler Corp., the rooftop and carport solar system consists of 2,640 solar modules and SMA Sunny Boy 3000-US (3), 4000-US (8), 5000-US (36), 6000-US (47) and 7000-US (4) inverters.

To maximize the community’s shade-free area, the solar system covers the rooftops of 16 buildings and 17 carports. It is expected to produce 728,941 kilowatt hours (kWh) of electricity per year and will offset the power needs of the community’s 241 apartments by 88 percent. It also will reduce green house emissions by 11,907 tons of CO2.

"Because of the number of buildings and different roof orientations at Vintage Oaks, we chose the versatile Sunny Boy line of inverters," said Curt Wylie, solar department manager for Beutler. "SMA inverters are the best on the market and, due to their exceptional reliability, they represent the least amount of risk to Beutler and our customers."

To help keep electricity costs even lower for Vintage Oaks residents, the Sacramento Municipal Utility District (SMUD) created a virtual net metering program. Virtual net metering is a relatively new concept that allows net metering credits from one PV system to be distributed among residents of an entire community. Because of this, some Vintage Oaks residents have reported monthly electric bills as low as $2.
With the success of the Vintage Oaks solar project, Beutler already is installing PV at three other USA Properties Fund communities in California: Terracina at Vineyard in Sacramento, Terracina at Cathedral City in Cathedral City and Las Serenas in Simi Valley.

"With the benefits and savings that are apparent with the Vintage Oaks project, we feel confident making solar power a key part of our future," said Geoff Brown, president and CEO of USA Properties Fund.

Added Dave Wojciechowski, director of sales at SMA America, "We are proud to support USA Properties Fund’s environmentally responsible mission to power other communities with clean, safe and affordable solar power."

The Sunny Boy is the world’s most popular line of solar inverters and features class-leading efficiency and reliability. Its longevity is enhanced via SMA’s patented OptiCool active temperature-management system and rugged cast-aluminum outdoor-rated enclosure. Sunny Boy inverters are certified to the UL 1741/IEEE1547 standard and include a 10 year factory warranty, with the ability to extend up to 20 years.

About SMA

The SMA Group generated sales of EUR 934 million in 2009 and is the worldwide market leader for photovoltaic inverters, a key component of all solar power plants. It is headquartered in Niestetal, near Kassel, Germany, and is represented on four continents by 15 foreign subsidiaries. The Group employs a staff of over 5,000 (incl. temporary workers). SMA’s product portfolio includes the most comprehensive range of inverters on the market, offering a compatible inverter for every type of photovoltaic module and for all plant sizes. The product range covers both inverters for photovoltaic plants connected to the grid as well as inverters for off-grid systems. Since 2008, the Group’s parent company SMA Solar Technology AG has been listed on the Prime Standard of the Frankfurt Stock Exchange (S92) and also in the TecDAX index. In recent years, SMA has received numerous awards for its excellence as an employer.

www.SMA-America.com
d by the solar panels into alternating current (AC) electricity for use throughout the neighborhood.

Turning Rays into Dollars

Solar Conversion at California Property to Help Shape Portfolio Strategy

Tax Credit Advisor | January 2011 www.housingonline.com

In Citrus Heights, Calif., a city near Sacramento, affordable housing developer USA Properties Fund, Inc. has completed the conversion of a low-income housing tax credit (LIHTC) property to renewable solar power, in a step expected to help the company shape a future solar strategy for its entire portfolio.  The solar photovoltaic (PV) system, featuring rooftop solar panels, was installed at Vintage Oaks, a 241-unit seniors LIHTC community developed and managed by

USA Properties Fund, based in nearby Roseville.  The company estimates that the property will consume 86% less electricity from the local utility grid than before because of the power produced by the half-megawatt solar PV system, which was installed by Beutler Corporation.

“We are pleased with the performance, benefits, and savings being generated through solar, and we are considering converting other communities we build and manage,” said Geoff Brown, President and CEO of USA Properties Fund. “We are excited by the prospects and hope solar power becomes a key part of our future.” Conversion to solar power at Vintage Oaks began in January and was completed in the summer. The project is the largest solar panel installation at an apartment complex in the Sacramento region. USA Properties Fund worked with the local utility, the Sacramento Municipal Utility District, on the conversion. USA Properties Fund originally developed Vintage Oaks 15 years ago. It installed the solar system in conjunction with an acquisition/rehabilitation of the property involving a new partnership and the use of 4% housing credits. As a result, federal housing and investment tax credits were claimed for a portion of the costs of the solar system. Tax credit equity and other incentives helped to fund a large part of this."

Common Areas, Apartments Powered

The conversion is a new step for USA Properties Fund. Previously it had solar panels installed at four other apartment communities, but these systems generate power only for the project’s common areas. At Vintage Oaks, the solar system is providing electricity for both the common areas and residents’ apartments.  USA Properties Fund underwrote the tax credit deal conservatively, including the costs of the solar system in the pro forma, not factoring in any assumed energy cost savings, and structuring the rents with a standard utility allowance for the tenants, who pay their own utility bills.  Tenants will receive a big break in their electric costs through a credit on their monthly electric bill that will vary in size according to the time of year. During peak months, when the solar panels generate substantial excess power that is fed back into the grid, the credit amount will be larger. At other times, such as winter, the credit will be smaller.  “The tenant is receiving a significant savings of their utility bill,” says Brown.

“It’s not a big amount, probably in the neighborhood of 20, 30 dollars a month. But right now to the tenants 20, 30 dollars a month is a lot of money.”

An Experiment in Progress

Vintage Oaks is a learning experience for USA Properties Fund, with the results expected to help the company shape a broader strategy for the installation of solar equipment at its other residential communities.  USA Properties Fund manages more than 70 LIHTC properties throughout California and Nevada.  In addition to information on actual installation and maintenance costs for the solar system, the company will be collecting data on actual energy cost savings at Vintage Oaks going forward to develop an accurate cost-benefit picture.

“Right now we’re really in the R&D stage of collecting the data to understand what we’re doing,” says Brown. “But it’s safe to say that we’re going to save significant money” at Vintage Oaks.

“We believe the future of housing in general is going to have more solar,” he adds. Brown concedes that solar installations currently can’t pay for themselves based just on the economics, but rather still depend heavily on government subsidies. However, he believes that the financial equation will improve down the road with further technological advances in solar, such as an easy and environmentally-friendly way to store generated solar power. “Clearly our strategy is we would like to do more solar,” says Brown. “Hopefully we can do more of it because the technology will lend itself to doing it and not always having to rely on government subsidies.”

 

Both sides stand their ground on redevelopment

Proponents state their opposition to governor’s proposal to end program, saying it creates jobs, fights blight

Premium content from Sacramento Business Journal - by Michael Shaw , Staff writer
Date: Friday, January 28, 2011, 3:00am PST

The Sheraton Grand Sacramento Hotel is held up as a prime example of a successful redevelopment project. It was built around the old Public Market Building designed by noted architect Julia Morgan. The hotel generates $4 million in annual taxes for the city of Sacramento.

The proposal to end redevelopment in California after nearly 70 years has been called both a misguided job killer and prudent end to developer giveaways.

Redevelopment proponents say Gov. Jerry Brown’s proposal, one of many to balance a $25 billion budget deficit, will throw 19,000 people out of work in the Sacramento area alone if it goes through. The governor and budget analysts claim otherwise, calling redevelopment a behemoth that diverts tax revenue from schools.

Californians can expect continued flogging of these polarized viewpoints as the budget proposal advances, with each side claiming definitive evidence about redevelopment’s successes or lack thereof.

The state’s 425 redevelopment agencies are understandably nervous as the proposal would dissolve them and transfer most of $5 billion in annual property tax revenue to fund other services. Brown’s administration estimates these agencies would still have debt payments of $2.2 billion, but $1.1 billion would go to schools; $210 million to cities, counties and special districts; and the remainder would be used to offset Medi-Cal and trial court costs.

“This proposal provides revenue for core local services,” said Brown spokesman Evan Westrup, repeating the governor’s campaign promise of moving decisions to the local level. Redevelopment projects already under way would still be funded, he said.

Chris McKenzie, executive director of the League of California Cities, countered that the debt of these agencies totals about $87 billion, and that heavy debt burden will leave little left over to balance the budget. Last week, McKenzie was flanked by more than 100 city council members and mayors who gathered at the Sacramento Convention Center to protest Brown’s proposal.

“The voters spoke,” McKenzie told the crowd, referring to the November initiative that amended the California constitution to prevent taking of redevelopment dollars. “Keep your hands off our local dollars. … Killing redevelopment would be catastrophic for every resident of California.” Advocates are claiming the proposal will cost 300,000 jobs in California.

Mayors from the state’s largest cities, including Sacramento Mayor Kevin Johnson, met with Brown on Wednesday to sway him on the issue, but so far the proposal stands.

After the meeting, the mayors said Brown agreed that they should form a group that would come up with alternative solutions to shutting down redevelopment agencies. They sounded hopeful that such alternatives could avoid the total elimination of agencies across the state.

Analysts still weighing evidence

Analysts have shared a dim view of redevelopment.

The nonpartisan California Budget Project said redevelopment has grown widely, with agencies receiving 12 percent of statewide property tax revenue, up from 4 percent in 1984. The budget analysts took note of several studies, the most damning of which was a 1998 Public Policy Institute examination that concluded redevelopment projects in California “failed to generate enough growth in property values to account for the tax increment revenues they received.” In short, few projects generated the critical mass to match their subsidies.

Redevelopment is supposed to be a catalyst to transform blighted areas. When a new condo project replaces a vacant drugstore, the property value, and therefore the tax, goes up. Redevelopment districts measure that tax increase — called the increment — and redirect it to the project or others in the same redevelopment area. The idea is to prime the pump and get development moving in areas that otherwise wouldn’t garner a second look from developers.

But critics say it just shifts development from one area to another and doesn’t provide any net economic gain.

The Legislative Analyst’s Office, another nonpartisan organization that examined Brown’s proposal, found “the state’s cost associated with redevelopment has grown markedly over the last couple of decades and yet we find no reliable evidence that this program improves overall economic development in California.”

That’s not necessarily the organization’s final opinion on the subject.

“We’re never set — we’re always open to new evidence,” said Mark Whitaker, a fiscal and policy analyst with the LAO. “We do need more details and we’re still looking into it and hoping to expand that.”

In addition, state Controller John Chiang wants to further study the issue and scrutinize whether redevelopment districts follow the rules. His staff will study Sacramento County’s portion of the Sacramento Housing and Redevelopment Agency’s budget as part of the study, along with the Citrus Heights redevelopment agency and 16 others.

Officials at the Sacramento Housing and Redevelopment Agency did not respond to requests for interviews and information about redevelopment projects.

Redevelopment has its successes

Still unclear is the effect on redevelopment agencies’ other main mission — affordable housing. USA Properties Fund Inc., a Sacramento company that is celebrating its 30th anniversary this year, uses federal tax credits to fund its housing projects. But projects around the state always require “gap” funding, the source of which is often redevelopment funds, president and chief executive officer Geoff Brown said.

“I admire the governor,” he said. “He has a tough deal and he’s not trying to solve the problem with smoke and mirrors as it was done in the past. But it’s one thing to curtail (redevelopment) and it’s another thing to eliminate it altogether.”

He rejected the notion that redevelopment is a giveaway.

“This isn’t welfare housing we’re building, it’s work force housing,” he said of the projects his company builds. “We are creating jobs for people.”

The company employs 370 people and manages 10,000 units of housing in addition to creating construction jobs through project development.

Redevelopment advocates say the benefits are evident.

It would be hard to argue against the success of the Sheraton Grand Sacramento Hotel, built in 1999 around the public market designed by acclaimed California architect Julia Morgan. The hotel was cited by McKenzie as a prime example of projects that exemplify transformation of blighted areas. The Sheraton generates an estimated $4 million annually in taxes for Sacramento. Proponents say projects like the Sheraton would be unfeasible without the redevelopment model. The Sheraton’s redevelopment subsidy was $8 million.

In Sacramento, the Sheraton isn’t hurting for company. Of the 22 major downtown projects advanced within the past five years, 17 included redevelopment funds, said Michael Ault, executive director of the Downtown Sacramento Partnership.

In 2008, the 503-room hotel and a former city garage sold for $130 million to developer David Taylor and CIM Group Inc. The city, along with Taylor, developed the hotel. That sale generated $50 million in net proceeds for the city after debt was retired, and some of the profits have been pumped back into development, such as subsidies for three new bars that Taylor and CIM developed on K Street.

Even before the redevelopment debate, however, such subsidies were the focus of criticism from other restaurant and bar owners. They argued that the subsidies amount to a giveaway and urged a halt to them.

After the dust clears, they may get their wish.

http://www.bizjournals.com/sacramento/print-edition/2011/01/28/both-sides-stand-their-ground-on.html

 

Home Front: Tenants flock to new affordable apartments in West Sacramento

For promising fresh starts, nothing beats the birth of an affordable apartment complex.

Published in Sacramento Bee, Friday, Jul. 09, 2010

Last week, the Parkside at Sycamore apartment complex opened on West Sacramento's West Capitol Avenue. As the first U-Hauls there skirted around cars loaded with boxes, the 62-unit project stood out as a blaze of fresh color on a street that needed it. Parkside is a new Exhibit A, "the first significant project" in the city's aim to redevelop that stretch of rough-edged West Capitol Avenue, according to the city's redevelopment manager, Les Bowman.

It's not surprising that Parkside leased so quickly. The apartments are spacious. They have dark wood laminate floors and new refrigerators and stoves. Best, for people who work in jobs that often mean run-down apartments or scary neighborhoods, rent starts at $407 a month. It peaks at $1,049 for three bedrooms and two baths.

For Sammy Guardado, a 23-year old Bel Air Markets grocery clerk in Natomas, that makes his first apartment possible. Goodbye, Mom and Dad in Natomas.

"The market is still high," he said after two years of looking at rentals. "At this place, the cost is easy to live with."

Roseville affordable housing developer USA Properties Fund built the region's newest income-qualified project in partnership with Pacific West Communities of Idaho. Together, they financed the $20 million complex with state and federal tax credits, $1.9 million in state housing bonds, $2.6 million in city of West Sacramento redevelopment funds and construction loans from Minneapolis-based U.S. Bancorp. Parkside rents now to working people and retirees earning $15,000 to $50,000 a year.

"There's a perception that these are welfare tenants. But that's wrong. These are working people," said USA's President Geoff Brown.

Specifically, that's Satnam and Surinder Kaur. The couple, with two children, also moved out of a parent's home in Sacramento.

"We like that it's a new development," said Surinder Kaur. Below the second-story apartment, friends unloaded a U-Haul. "There's an Indian church close by. I love it," she said. "It's the best we've seen in our price range."

Other opening-week tenants told similar stories. A Natomas retiree said the move cut her rent by $217 a month. And for more space and wood laminate floors! A 23-year-old, just out of technical school with a working wife, said his rent is down $50 a month from an apartment complex nearby.

Parkside manager Juana Escalante said many tenants came from close-by apartment complexes and mobile home parks.

"There is plenty of pent-up demand for well-thought-out affordable housing across California," said Brown.

Sacramento apartment industry players say this affordable variety is the only apartment construction happening locally. They say banks won't lend for market-rate apartment construction.

Why? Developers overbuilt during the boom. Vacancy rates are still high. There's no need for new $1,400-a-month apartments when area unemployment stands at 12 percent.

But developers who can layer a complicated maze of subsidies – USA and St. Anton Partners primary among them locally – have no problem finding tenants.

Parkside opened 89 percent leased, said Brown. Judging by the rent and mood of opening week, it won't take long to reach 100.

© Copyright The Sacramento Bee. All rights reserved.

Click to link to Jim Wasserman of the Sacramento Bee blog with video of Geoff Brown interviewed on site at Parkside at Sycamore.

http://www.youtube.com/watch?v=2VgsN9oKO9k

 

THE AHF 50 AFFORDABLE HOUSING FINANCE

Top Affordable Housing Developers and Owners

The May 2010 issue of AFFORDABLE HOUSING FINANCE magazine includes a special focus on the Top 50 Affordable Housing Developers and Owners and we are excited to highlight USA Properties Fund ranked as the 16th Top Affordable Housing Owner and the 38th Top Affordable Housing Developer!
Congratulations, USA, on the years of hard work that have brought us to the national spotlight!

Please click on the link below to access the Affordable Housing Finance website for further information.
www.housingfinance.com/ahf/index.html