This investment note is for a construction loan used to finance the development of 5 low-income SFRs in the City of Compton, California.
There will be 5 capital draws during construction. The table summarizes the individual draw dates. Investment note details are outlined below.
The WIN Project exists to create strong communities with quality affordable homes that improve the quality of life for residents in the community. The housing is inclusive and sustainable contributing positively to communities free from discrimination.
Through Government Programs, Grants, and Donations from individuals, The Win Project purchases the property and develops permanent housing using local contracted trade associates who are licensed, tenured, and insured with years of experience. They are doing their part to fuel the economy and give families a sense of home ownership and pride. They take great care in designing comfortable living solutions for lower income buyers either by building from ground up and by remodeling what has fallen.
The loan proceeds will help fund the construction of 5 SFRs. The total project cost is $2,554,805 which includes Borrower’s Equity, City of Compton land loan and interest reserve.
Monthly payments to be paid from the interest reserved account. Principal repayments to be paid from sales proceeds as each home is sold, expected to start in Q4 2022.
The WIN Project has won the City of Compton bid to develop 5 affordable resale single family housing. Each property is zoned mixed use with the 5 SFRs being developed as live-work homes in which the owner may choose to operate a business from the home. This enables the new owner an opportunity to develop new revenue streams. This project brings together the need for affordable housing and the requirement of self-driven economic development in the form of entrepreneurship. The target population is the low-income individual that is subsidizing their income with service delivery.
All 5 SFRs are 100% affordable housing development and will be built to affordability standards using the HUD HOMES guidelines for resale pricing and household income limits. The WIN Project will work closely with Los Angeles County to assist low-income home buyers to access special homeownership programs including First Home Mortgage Program and Home Ownership Program.
The WIN Project has over 25 years of experience as a non-profit developer specializing in high impact affordable and general housing development projects in urban neighborhoods. They have a long and accomplished relationship with the City of Compton. The WIN Project owns and manages four low-income housing projects in Compton. They are also an approved partner in good standing of the Los Angeles Homeless Services Authority which serves as the vetting provider for the Los Angeles Continuum of Care. Their expertise includes land use and planning, real estate appraisal development and sales, consultation for housing, land acquisition and urban blight projects, eminent domain relocation and acquisition and general project management. The WIN Project has a deep history involving many development projects working as a partner to private developers and other developer agencies and municipalities.
PROJECT TEAM
Regina Young, Executive Director of The WIN Project
Quality Building Contractors Co., General Contractor and Project Manager
office42 Architecture
Paul Reyes-Fournier, Vision Driven Consulting
Roy McGarrell & Co, CPA
