Tech giant is funding 3 affordable housing projects in the Bay Area
(The following story appeared March 4 in the San Francisco Chronicle. The story appears as it did online.)
By Roland Li
Google and its nonprofit partner Housing Trust Silicon Valley have loaned $30 million to three Bay Area affordable housing projects. The commitment, announced Thursday, is part of the tech giant’s $1 billion funding plan to support local housing, which started in 2019.
The projects include Bridge Housing’s Hope SF development in Potrero Hill, Eden Housing’s La Avenida in Mountain View, and USA Properties Fund and the Pinyon Group’s Tasman East in Santa Clara.
Google, Apple and Facebook pledged billions in 2019 to help bolster housing after rents and for-sale prices soared in the past decade, making it harder for even well-paid tech employees to find homes. The coronavirus pandemic has cooled the rental market, but weakness in the job market has made housing an ongoing burden for many. Market-rate housing development is expected to slow in the Bay Area, reducing the fees that help support affordable housing projects.
“Affordable housing is needed now more than ever given the devastating impact of COVID-19 on our communities,” Rebecca Prozan, Google’s West Coast policy lead, said in a statement. “We continue to be as focused as ever on helping the Bay Area build more affordable homes in this time of need.”
The Potrero Hill project includes around 619 replacement units of public housing, which existing residents will move into, along with around 1,000 new affordable and market-rate units. The project was approved in 2017 and the first new building opened in 2019.
Cynthia Parker, CEO of Bridge Housing, said Google’s loan will help speed up development at the project.
“This means more than 800 affordable homes plus a range of housing, amenities and open space that will lift up the entire community,” she said in a statement.
La Avenida includes around 100 affordable housing units, with a third reserved for the homeless. The project at 1100 La Avenida St. has a budget of around $78 million, according to a 2020 city report. It’s 1 ½ miles from Google’s headquarters.
The Tasman East project at 2310 Calle Del Mundo calls for up to 150 housing units.
“This project will be one of the most well-located transit-oriented developments in Silicon Valley and will bring much needed affordable housing at a broad range of incomes near new and existing employment hubs,” Geoff Brown, CEO of USA Properties Fund, said in a statement.
Google previously funded projects in San Jose, Newark and Sunnyvale. Other plans include converting commercial land that it owns into housing sites.
Despite a shift to more remote work, the tech giant has numerous office expansions planned in the Bay Area, including in Mountain View’s North Bayshore, Santa Clara and near Diridon Station in San Jose.
239-apartment community is ‘the type of development that is key to addressing the housing crisis’
USA Properties Fund Inc. has started construction on Vintage at Woodman in Panorama City, bringing much-needed affordable senior housing to the community — and a major milestone for one of the leading apartment community developer-builder-managers in the West.
The 239-apartment community, located in the 7700 block of North Woodman Avenue just west of Ventura Canyon Avenue, will be available for residents at least 55 years old that meet an expanded range of income limits, thanks to the California Housing Finance Agency’s Mixed-Income Program. Vintage at Woodman is the first USA Properties project to use the Mixed-Income Program.
“We’re committed to building quality communities that become home to our residents, helps meet the need for affordable housing and improves neighborhoods,” said Geoff Brown, President of USA Properties in Roseville. “Vintage at Woodman checks all those boxes, while also allowing us to tap into the Mixed-Income Program for the first time.”
Geoff Brown, President of USA Properties
Apartment community for households earning 50%-80% of area’s median income
With the Mixed-Income Program, renters earning 50% to 80% of the area’s median income – about $45,000 to $72,000 for a two-person household leasing a one-bedroom apartment – could qualify for Vintage at Woodman.
“Vintage at Woodman is an example of the type of development that is key to addressing the housing crisis facing Los Angeles County and the entire state,” said Tia Boatman Patterson, Executive Director of the California Housing Finance Agency. CalHFA issued tax-exempt bonds and provided subsidy funds through its Mixed-Income Program for the project. “The mix of incomes in this project allows local residents to improve their financial and housing situations while staying at home in their community.”
Tia Boatman Patterson, Executive Director of CalHFA
The apartment community, featuring one- and two-bedroom units, is scheduled to be completed in spring 2023. Estimated rents will range from about $1,013 to $1,530 for a one-bedroom apartment, to $1,213 to $1,998 for two-bedroom, two-bath units.
Amenities include a community room, fitness room, barbecue area and pet-wash station
Affordable rent does not mean basic – or boring. The five-story building will offer a long list of amenities, including a community room complete with computer workstations; a fitness room; a second-level courtyard with seating and a barbecue area; and a pet-wash station. Residents will have access to on-site laundry and social-service programs through LifeSTEPS.
“Vintage at Woodman caters very well to seniors with its close proximity to shopping and a major Kaiser Permanente facility,” said Jatin Malhotra, Acquisitions Manager for USA Properties in Roseville. “It’s a very efficient project that makes the most of the Mixed-Income Program by taking an underutilized property and turning it into much-needed senior housing with a combination of very low, low- and moderate-income residents.”
So far, CalHFA has financed projects that will create about 3,750 units for mixed-income affordable housing in the state, Boatman Patterson said. USA Properties Fund — which has more than 90 affordable and market-rate apartment communities in California and Nevada, including 11 in Los Angeles County — is looking to partner with CalHFA and the Mixed-Income Program on other projects.
JPMorgan Chase, Citi Community Capital and RBC Capital Markets joined CalHFA on the $80 million Vintage at Woodman project that replaces an auto-repair business and small warehouses on the property.
“USA Properties and our partners are investing in the community and are looking forward to providing more housing,” Brown said. “And we will continue to look for other housing opportunities in the region and throughout much of the state.”
Industry leader has established award-winning social service programs for low-income residents, embraced aging-in-place efforts and expanded into market-rate communities
USA Properties Fund Inc. is celebrating its 40th anniversary of creating outstanding communities – providing much-needed quality housing for residents, developing life-changing social-services programs, and investing in and revitalizing neighborhoods in California and Nevada.
The Roseville-based company “goes above and beyond for its residents” with award-winning and forward-looking efforts and “works tirelessly to help solve the housing crisis,” say industry leaders.
“It’s more than just about apartments, we believe in building communities and providing homes for families and seniors,” said USA Properties President Geoff Brown, whose father founded the company in 1981. “It’s about impacting and improving the lives of our residents.”
USA Properties has enjoyed fast-paced growth during the past 25 years, from just a couple of apartment communities to more than 90 today – and becoming one of the largest affordable community developer-builder-managers in the West, and among the nation’s leading senior housing providers. The company expanded into market-rate apartment communities in 2015.
The company has also been at the forefront of embracing energy-efficient efforts, such as solar-panel systems, and environmentally friendly practices, including a modular construction project in the Bay Area that cuts costs, saves time and reduces waste.
USA Properties has about 375 employees and recently opened a regional office in Southern California.
But the company is much more than about apartment communities, figures and impressive growth.
“At the end of the day, all of the things that we do on a day-to-day basis, are meant to create outstanding communities,” said Jonny Harmer, Chief Financial Officer of USA Properties. “Areas that people can call home. Places where cities and communities can look at what we’ve done and see that our work has had a positive impact.”
(USA Properties has established a 40th anniversary website, complete with interviews of current and past executives, employees, partners and, of course, residents.)
USA Properties Fund, Inc. founder, J.B. Brown
Building a foundation by filling a need
J.B. Brown, an entrepreneurial businessman who had extensive experience developing housing for CalMark Properties and two other companies in Southern California founded USA Properties Fund in Santa Monica on Jan. 28, 1981. USA Properties, originally connected to a savings and loan, was J.B. Brown’s fourth startup in 12 years.
“My dad really wanted to be the captain of his own ship,” Brown said of his father’s decision to leave CalMark, a subsidiary of a much-larger corporation. “He was always willing to take risks.”
In the early years, USA Properties was sometimes a struggling startup but persevered, Brown said.
The company was busy building and selling single-family and multifamily housing in Southern California for the first several years. But when the buyer of an affordable apartment community under construction in Desert Hot Springs faced financial difficulties and failed to complete the deal in 1989, USA Properties took over the project, which enabled it to get into the affordable housing industry.
USA Properties, then with seven employees, embraced affordable housing and the new Low Income Housing Tax Credits program that started in 1986. The company’s original build-and-sell model evolved into develop, own and manage apartment communities.
“Successful companies find niches,” Brown said. “And affordable housing became our niche.”
Today, the company is one of the largest affordable community developer-builder-managers in the West, and has expanded into market-rate communities during the past several years, with housing in the Bay Area, the Sacramento region and Southern California. The company has a total of about 11,600 units in its portfolio.
Much of the company’s impressive growth – more than 10,000 units – has come under the leadership of Brown, who joined the company in 1989 and was named president in 1997. His father passed away in 2001, the 20th anniversary of USA Properties.
“With each additional apartment built, affordable and market-rate, we are helping address a critical issue in the state by providing housing to residents,” Brown said. “Every apartment opens the door to more housing and new opportunities for residents.”
‘Pivotal moments’
Like all companies, especially those that have lasted four decades, there have been challenges and difficult times, including four economic recessions and the elimination of the redevelopment program in California a decade ago. But the company has survived, succeeded – and often thrived, thanks to a five-year business plan that included moving to Roseville, two affordable projects early on and even some luck.
USA Properties moved from Southern California to Roseville, a suburb of Sacramento, in 1993. USA felt the greater Sacramento area would become one of the fastest-growing parts of the state because it was more affordable to live there.
Soon after relocating, USA Properties started two Sacramento-area projects – Terracina Elk Grove, an affordable community in South Sacramento, and Vintage Oaks in Citrus Heights, the company’s first affordable senior community.
Moving to Roseville and later opening a 10,500-square-foot office along with opening the two affordable communities were “pivotal moments” for USA Properties, Brown said.
Those apartment communities, along with the Desert Hot Springs project, helped pave the way for the road to success for USA Properties, which has become a leader in the affordable housing industry.
USA Properties “continues to work tirelessly to help solve the housing crisis for low-income Californians,” said Ray Pearl, Executive Director of the California Housing Consortium. Geoff Brown, a longtime advocate for affordable housing, was named a Housing Hall of Fame Honoree by the consortium in 2015. “The company is a leader in the field, providing housing and services throughout the state while also advocating for policies that impact the lives of the people they work hard to serve. The company’s contributions to real people’s lives are immeasurable.”
The JB Brown Fund and other efforts to help residents
USA Properties has expanded those contributions beyond housing to include efforts that provide opportunities and assistance for low-income residents through the JB Brown Fund, a grassroots organization founded with social-services partner LifeSTEPS in 2011.
The JB Brown Fund has raised $1.4 million and helped more than 900 low-income families living in USA Properties’ affordable apartment communities. The JB Brown Fund helps residents attend college, participate in youth sports or face an unexpected financial emergency, such as a job loss, death in the family or to buy a new pair of glasses or hearing aids.
Five years ago, LifeSTEPS and USA Properties established a pilot program that allowed low-income seniors to reman living at affordable senior apartment communities in the Sacramento region and receive much of the medical attention they need steps away from their home – for free. The RN Coaching PILOT Program recently received the U.S. Department of Housing and Urban’s 2020 Award for Healthy Homes, a national award that has recognized only 22 programs since 2015.
Brown said the company will continue looking at ways to help low-income seniors to age in place, a critical issue for older residents and their families.
“The company and its team go above and beyond just helping residents and partners,” said Beth Southorn, Executive Director of LifeSTEPS. “Together, we have provided ways to stop the cycle of poverty by lifting good people out of their situation and into the life they were created to live.”
It’s a commitment that started with the community-minded J.B. Brown and grows stronger today under a second-generation of leadership and hundreds of more employees.
USA Properties has “gone from a mom-and-pop company into a sophisticated, modern corporation,” said Michael McCleery, who joined the company in 1988 and retired as Executive Vice President of Construction in summer 2020. He was one of six employees in the corporate headquarters in the early days. “As the company has changed over time, what hasn’t changed is the belief in the people.”
Brown agrees, adding that employees and partners – including local governments, housing agencies, investors and subcontractors – have been critical to the company’s long-term success.
“If there’s one thing we don’t do well, is that we don’t celebrate our success enough,” said Brown, likening the effort to a winning sports team. “You don’t want to focus too much on how good you are, you always want to keep that edge. But, let’s be honest, there is also always a little good luck involved.”
Hard work, good timing and definitely even a bit of luck are needed for companies celebrating their 40th anniversary, a milestone reached by fewer than 5% of private companies nationwide, according to the U.S. Bureau of Labor Statistics.
“I’m very proud that our company has made it to 40 years,” Brown said. “But it’s important that we keep the same fire, passion and dedication to be successful as we did when we were 20 years old.”
Holiday decorations at Vintage Glen apartment community
Vintage Glen is decked out for the holidays, bringing some much-needed cheer to residents while following pandemic safety requirements.
Community manager Debbie Reynolds and her hard-working team – assistant community manager Delois and Steve in maintenance – decorated a Christmas tree in the mail area, strung lights on and around the main building and by the pool, and created a holiday winter display worthy of the big-name retailers in New York City (see photos).
“My sincere gratitude to you for everything you have done to help us live the safest and most comfortable life possible during these uncertain times,” said a longtime Vintage Glen resident. “Thanks also for the beautifully decorated and lighted Christmas tree in the mailroom. The message of hope and joy that Christmas brings was sorely needed by a number of residents and gives those who are lacking in mind, body or spirit to reflect on it and draw inspiration and courage.”
Vintage Glen, an affordable apartment community for seniors in Sacramento, closed its clubhouse when the COVID pandemic started to follow safety requirements. But Reynolds came up with an idea to bring some holiday cheer while also keeping residents safe. She replaced the plastic sheet barrier between the clubhouse and the mailroom with a holiday red divider, serving as the perfect backdrop for the community’s holiday tree.
So, when residents grab their mail, they can enjoy some holiday cheer – but not have access to the clubhouse. Of course, residents are following and frequently reminded to wear masks and stay at least 6 feet apartment at Vintage Glen.
“Debbie always goes out of her way, especially for holidays,” said Kristina Scott, regional manager for USA Properties. From Black History Month to Christmas, Reynolds and her team decorate, celebrate and embrace the holidays. “She and her team are amazing.”
Laura Gutierrez has accomplished much in a little time.
She moved from Mexico to Silicon Valley in 2013, with a commitment to learn – and master – English. She enrolled in a community college, first with a focus on English classes and then later to pursue a profession.
A few years later, she began dating her soon-to-be husband. The couple’s son, Nathan, was born in October 2019 – when Laura was in her senior year at San Jose State University. Two weeks after delivering Nathan via C-section, Laura was back in the classroom.
It’s been a busy seven years. But Laura’s determination and hard work paid off with a bachelor’s degree in Business Administration with an emphasis on human resources. She graduated Summa Cum Laude, with a 3.9 grade-point average.
JB Brown Fund awards Gutierrez with $11,000 in scholarships
College scholarships from the JB Brown Fund allowed Laura to focus on her classes, completing college and later being a mother – and worry less about the cost of higher education. She received about $11,000 in college scholarships from the JB Brown Fund, a partnership between USA Properties Fund and social services provider LifeSTEPS.
“It helped out a lot,” says Laura, who learned about the JB Brown Fund college scholarship from her husband, who tapped into the program to complete his degree at San Jose State and become an elementary school teacher.
The couple live at Mayfair Court Apartments, a USA Properties-owned apartment community in San Jose.
“It paid for more than half of my tuition,” she says of the scholarships. “I really appreciate the help.”
‘It really helps people like me achieve their dreams’
Laura, who worked until a few weeks before the birth of Nathan, will soon begin her job search. She would like to join a company that embraces data analytics, especially when it comes to human resources.
“I fell in love with analytics,” says Laura, who enjoys math. “I like to look at the story behind the numbers. I want to help a company make the right decisions. But I also like the process of helping people.”
It’s a belief that is the cornerstone of the JB Brown Fund.
“When I came here, I didn’t even know English,” says Laura, who is grateful for the many donors that help others reach their goals.“It really helps people like me achieve their dreams.”
College graduate Sandra Roksic is focused on the road ahead, with a goal of developing self-driving vehicles trusted by their drivers – and pedestrians.
“It was my dream to come here and do this,” says Sandra, who graduated in the spring with a Bachelor of Science in electrical engineering from Cal Polytechnic University, San Luis Obispo.
Achieving her dream required commitment, focus and hard work – in the classroom and in the workforce. Along with her demanding full-load class schedule, Sandra often worked two jobs to help pay for school and, like 70% of students nationwide, she also relied on student loans.
Scholarship helps her earn an electrical engineering degree
But the burden has been made a bit easier, thanks to the J.B. Brown Fund. Sandra learned about the JB Brown Fund college scholarship from the community manager at Rancho Carrillo Apartments in Carlsbad, where her family has lived since she was in the sixth grade. The $2,800 scholarship helped Sandra earn her degree.
Now, she has started on her master’s degree in electrical engineering from Cal Poly-SLO. Sandra, who is busy with an internship this summer and will teach a class at the university this fall semester, expects to earn her master’s degree in June 2021.
Then, she would like to join an automaker like Volkswagen AG that is leading the way on autonomous vehicles. “There are so many exciting, interesting developments in the auto industry,” she says.
‘I wouldn’t be here without the support and the belief of so many people’
Her family – her parents and a teenage brother – encouraged Sandra to apply for college and pursue a degree in electrical engineering (she also earned a minor in math).
“My parents have made so many sacrifices for me,” says Sandra, who moved with her parents from Serbia to San Diego as a 4-year-old. Her parents looked for a good, safe community with excellent schools and found Carlsbad. The city and the apartment community “feel like home.”
And her “home” helped open the door to a college degree and new opportunities. The J.B. Brown Fund has awarded hundreds of college scholarships to residents living in USA Properties Fund apartment communities.
“I’m super grateful. I wouldn’t be here without the support and the belief of so many people,” she says. “They put their faith in me and what I can accomplish.”
Program offers free health care that helps seniors to age in place, improves health and saves money
A pilot program that allows low-income seniors to remain living at affordable senior apartment communities in the Sacramento region and receive much of the medical attention they need just steps from their home for free has earned a national award from the U.S. Department of Housing and Urban Development.
LifeSTEPS and USA Properties Fund’s RN Coaching PILOT Program has received the 2020 HUD Secretary’s Awards for Healthy Homes, an annual award that recognizes programs that promote healthier housing through partnering, outreach and innovative practices. HUD and the National Environmental Health Association (NEHA) has recognized only 22 programs since the national award started in 2015, including five programs this year.
“It is heartwarming to receive this award, as in the past we have watched our seniors be prematurely placed in skilled-nursing facilities and this program clearly saves money and returns the dignity to our seniors as they successfully age in place,” said Beth Southorn, Executive Director of LifeSTEPS. “I am so very thankful for our team’s hard work, and I have loved watching early heath intervention help our seniors live longer and happier lives.”
Many residents can ‘age in place’ thanks to program
The RN Coaching PILOT Program is one of the first of its kind in California and helps seniors, many who have health issues and can’t easily get to a doctor, to “age in place,” thanks to an on-site registered nurse who visits their senior communities every week.
“Access to health care is a huge issue for low-income seniors, and having an RN available for residents improves their health, reduces costs, saves time and helps them stay out of the hospital and in their homes longer,” said Geoff Brown, President of USA Properties. “Health is a primary reason why seniors are forced to leave their homes for assisted-living facilities, nursing homes or move in with family members.”
With the RN Coaching PILOT Program, low-income seniors dealing with allergies, a nagging cold or cough, or even chronic conditions – such as arthritis, diabetes, high cholesterol or high-blood pressure – are able to get the health care they need at their apartment communities, said Meredith Chillemi, Director of Aging and Education Services for LifeSTEPS. The registered nurse also assists residents with managing their medications, preventing falls in their apartments and navigating the often-complex world of health care, from choosing a new provider to completing confusing insurance forms.
The goal is to keep residents healthy and out of hospital emergency rooms, and help develop a plan for those who are in the hospital to safely return home as soon as possible, Chillemi said. The program helps about three residents return home from the hospital every week.
More than 900 seniors helped, saving Medi-Cal almost $1.2 million
More than 900 seniors have accessed the RN Coaching PILOT Program since it started in spring 2016, saving government health insurance programs like Medi-Cal almost $1.2 million. And the percentage of residents moving out of the apartment communities for health issues has dropped 70% during the past four years.
Aging in place has numerous benefits beyond better health for seniors, from cost savings to keeping them mentally and physically active. Seniors often develop close friendships and social support systems in senior apartment communities, and moving them to an assisted-living facility or skilled-nursing home can cause depression and isolation. Assisted-living facilities can also have a financial hardship on residents, their families, government programs and society overall, according to a Harvard Joint Center for Housing Studies.
“The program offers seniors free health care and the opportunity to remain in their apartment communities, where they are close to their friends and often have lived for many years,” USA Properties’ Brown said. “Our residents are happier and healthier, and the program saves money.”
Hands-on training for UC Davis nursing students
Roseville-based USA Properties, one of the largest affordable apartment community developer-builder-managers in the West, and LifeSTEPS, which provides social services at many USA Properties-owned communities, share the cost for the RN Coaching PILOT Program.
The program is available to residents at Sierra Sunrise in Carmichael and Vintage Oaks Senior Apartments in Citrus Heights. USA Properties recently sold Creekside Village Apartments in Sacramento, which had also participated in the pilot program.
The RN Coaching PILOT Program also provides hands-on health care training for nursing students from the Betty Moore School of Nursing at the University of California, Davis. Several nursing students and their nurse adviser have been meeting with patients every week this summer.
USA Properties and LifeSTEPS have been working on finding funding for the program, meeting with elected representatives and health officials during the past few years. A state senator introduced a bill (SB 1292) in February that would have expanded the program to five counties and receive state funding as part of a pilot program. But the Covid-19 pandemic coupled with the state’s budget challenges shelved the effort.
“The program has been such a success, in so many ways,” Brown said. “Now, we just need to find the financial support to continue and expand the program to more affordable apartment communities and help more low-income seniors.”
Mixed-use project includes studio, one and two-bedroom units in downtown Railyards
LDK Ventures and USA Properties Fund have started construction on The A.J., a mixed-use residential project that will offer 345 residential rental units, 69 of which will be affordable units, and 5,000 square feet of ground floor retail. The A.J. is the first project at the Railyards to begin construction and is set for completion by Winter 2022.
“From the start, the A.J. has been integral in our vision for the Railyards,” said Denton Kelley, Managing Principal of Downtown Railyard Venture, the master developer of the Railyards. “There has been a voiced need for multifamily housing that has modern amenities, is affordable, and is proximate to Downtown Sacramento. The A.J. fills that void.”
Modern amenities for an urban lifestyle
The A.J. will offer a mix of studio, one-bedroom, and two-bedroom units that have been thoughtfully designed to fit an urban lifestyle. Named in honor of A.J. Stevens, who was deemed the father of innovation at the Sacramento Railyards in the late-1800s, the project’s fresh design pays subtle homage to its roots while embracing modern design cues. All apartments will achieve Build It Green gold standard for energy efficiency and include well-appointed finishes, plenty of natural light, and built-in cabinetry.
Residents will also enjoy amenities including a fitness center, pool and spa, dog wash, and a rooftop sky lounge with outdoor grills and fire tables.
Unbeatable location in downtown Sacramento
When completed, the A.J. will span 2.89 acres on the southeast corner of 6th Street and Railyards Boulevard. It will offer immediate light rail and bus access, an abundance of parking, and more than 5,000 square feet of ground floor retail with a mix of neighborhood-serving tenants.
“Not only does this project add to our supply of badly needed affordable housing, it is hugely symbolic as the first housing ever built in the downtown Railyard, which has sat idle for far too long,” said Mayor Darrell Steinberg. “The Railyards is on its way to becoming an extension of downtown with housing, stores, offices and Major League Soccer. Despite the pandemic, our momentum as a city continues.”
The A.J. is also within walking distance of other planned developments at the Railyards, including a Major League Soccer stadium, Kaiser Medical Campus, and the Central Shops District.
Key local and governmental partnerships further progress
The A.J. at the Railyards is a partnership between LDK Ventures, the managing member of Downtown Railyard Venture, and USA Properties Fund, Inc. Significant assistance was provided by the City of Sacramento, the California Department of Housing and Community Development and Sacramento Housing and Redevelopment Agency to permit and structure the financing for the $130 million residential project.
“The A.J. shows what is possible with private-public partnerships, and how working together we can help meet the housing needs of residents at a range of income levels,” said Geoff Brown, President of USA Properties Fund. “We’re proud to be part of such a forward-looking project, the first of many that will transform the historic Railyards into a vibrant district.”
As a mixed-income project, with 20% of the units reserved for tenants with an income at or below 50% of the area median income, the project qualified for a tax-exempt bond allocation. This competitive allocation of $85 million was awarded in December 2019. With the aid of this bond allocation, the development team of USA Properties and LDK Ventures was able to secure financing through Citi Bank Community Capital. This financing, along with the Opportunity Zone status of the Railyards, helped make it feasible to raise the accompanying equity and initiate construction of this critical project for downtown Sacramento and the Railyards redevelopment.
To learn more about the Railyards and the A.J., visit www.Railyards.com.
Four scholarships totaling about $11,000 help San Jose resident achieve her dream
College is full of challenges, from choosing a major to getting the classes needed to graduate on time.
Fortunately, the high cost of higher education was not another issue for Victoria Solis, thanks to the JB Brown Fund.
The nonprofit organization awarded Victoria with four scholarships – a total of about $11,000 – during the past two years, paying for her tuition and books.
“I’m very grateful of the opportunity that the scholarship gave me,” says Victoria, who earned a bachelor’s degree in Child and Adolescent Development from San Jose State University in spring 2020. I don’t have to worry about any loans and have that financial burden.”
Victoria, who lives with her parents at Mayfair Court Apartments in San Jose, learned about the college scholarship from the community manager. The scholarship allowed Victoria to focus on her classes during the week and work part-time on weekends.
‘You’re not just supporting us financially, you’re helping us reach other goals, too.’
Victoria, who was born with a neuromuscular disease and relies on a wheelchair, graduated in four years. Only 16% of students graduate on time from the California State University system.
“That was something that I really wanted to accomplish,” says Victoria, who carried at least 15 units every semester.
She will take some much-deserved time off during the next year, and plans to return to school and pursue a master’s degree with the career goal of being a licensed counselor. “I always like to help people,” she says.
Much like the hundreds of supporters of the J.B. Brown Fund.
“Thank you for giving us the opportunity to pursue higher education,” Victoria says to those who donate to the organization. “You’re not just supporting us financially, you’re helping us reach other goals, too. Thank you for helping us in so many ways.”
Company finishes at No. 47 on Sacramento Business Journal list
USA Properties Fund is one of the fastest-growing companies in the Sacramento region, landing on a closely watched list by the Sacramento Business Journal.
USA Properties finished at No. 47, with 24% revenue growth between Jan. 1, 2017, through 2019. The privately owned company had revenue of $201.3 million in 2019 – the second-most on the list.
The company added six apartment communities and almost 1,100 units during the three-year period.
Adega Apartments, a market-rate community in Rohnert Park, CA.
“We’ve enjoyed very solid growth while keeping our never-ending commitment of creating outstanding communities for our residents,” said Geoff Brown, President of USA Properties. “We carefully look at every opportunity and make sure it fits with our strategic growth plan before moving forward.”
Ranked No. 33 on Affordable Housing Finance list
USA Properties, one of the largest apartment community developer-builder-managers in the West, has almost 11,800 units in California and Nevada. The company ranks No. 33 on Affordable Housing Finance’s Top 50 Affordable Housing Finance Owners in the U.S.
The company has expanded from affordable communities into market-rate housing during the past several years.
“We are committed to providing quality apartment communities for Californians, and help meet the tremendous need for more housing in the state,” Brown said. “Every apartment community built – affordable and market-rate – is opening the door to more housing.”
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