FOR IMMEDIATE RELEASE
Contact: Tupper Hull
(916)
451-9200
Insurance Companies Finance New
Affordable Housing in
McFarland – Construction is underway for 61 units of needed affordable housing in McFarland under an innovative alliance between the Bank of America’s Community Development Banking and a consortium of major insurance companies.
Construction began recently for the Daybreak Apartments at 5th Street and Hail Lane in McFarland, 22 miles north of Bakersfield. When completed in early 2006, Daybreak Apartments will provide 61 units of housing for low-income families. All but one of the apartments will be three-bedroom and four-bedroom units to accommodate families.
The development will offer numerous amenities, including community room with full kitchen facilities, a computer room, picnic and barbecue area, playground, swimming pool, spa, game room and exercise room.
Impact Community Capital, a consortium of major insurance companies created to invest in California communities, is providing the long-term mortgage financing of $1.5 million for the project. Impact has committed to provide $475 million in construction and long-term financing for new affordable housing developments originated by the Bank of America Community Development Banking.
Daybreak Apartments are being constructed by Simpson Housing Solutions, LLC, one of America's leading partners in the investment and development of affordable multifamily and senior rental communities. They are being built in conjunction with TELACU Homes Inc, a nonprofit community development corporation that has developed more than 2,300 affordable homes throughout the state.
The insurance companies who invest in communities through San Francisco-based Impact are: Allstate Insurance Company, Farmers Insurance Companies, Nationwide Mutual Insurance Companies, Pacific Life Insurance Company, SAFECO Insurance, State Farm Insurance Companies, Teachers Insurance and Annuity Association and 21st Century Insurance Company.