Case Study: Ten-O-One Apartments

City of Oxnard (Ten-O-One Apartments)

he Foundation for Social Resources, Inc. ("FSR") is a nonprofit corporation dedicated to the preservation of affordable housing to low-income households. FSR is a general partner in more than 40 affordable multifamily apartment developments in California and throughout the country.

On March 21, 1997, the Authority sold $8.4 million in conduit tax-exempt Multifamily Housing Revenue Bonds on behalf of the City of Oxnard for the benefit of a partnership sponsored by FSR, for an acquisition of a 216-unit affordable housing complex (the Ten-O-One Apartments). These AAA-rated, FHA-insured bonds sold at a True Interest Cost of 6.208% for the fixed 35-year term of the loan.

The proceeds funded the acquisition, renovation, and repair of the Ten-O-One Apartments, an existing and substantially rented out facility located in the City of Oxnard. Almost all of the units will continue to be rented to families earning 60% or less of the area median income at affordable rents. In addition, 20% of the units will be rented to very low-income persons (earning no more than 50% of the median) at affordable rents.

| Back |