20/20 Plumbing & Heating Helps Community Builders Group Bring 180 Affordable Housing Units to Pasadena, Calif.
Communities throughout California remain locked in a housing crisis, with not enough units to meet demand and prices that are too high for many to afford. In response, Community Builders Group (CBG) has begun construction on 180 affordable micro-unit apartments at no cost to the city.
Located at 280 N. Oakland Avenue in Pasadena, California, the project is intended to serve residents earning 30% to 60% of area median income who are seeking affordable housing near employment and public transit.
20/20 Plumbing & Heating, Inc. is working alongside Westport Construction to deliver this critical housing solution to Pasadena. While the individual units are small, thoughtful attention has been given to making each living space feel open and well-appointed. All units have their own bathrooms, kitchens and spacious balconies, while sharing access to community spaces including a rooftop deck, grand atrium, courtyards and gym. Residents will enjoy on-site programs like yoga, meditation and movie nights, all designed to promote a healthy and close-knit community.
According to CBG co-founder Christian Hart, “Pasadena is our home base, and at this moment in time the housing crisis is evident and it’s important to us that we use our skills in a way that benefits our local community. We feel that’s where we can make the biggest impact.”
CBG collaborated with real estate development and advisory firm Bridge Financial Advisors to form Pasadena Studios LP, an entity funded by tax exempt bonds (Citi Bank) and low-income housing tax credits at no cost to the city of Pasadena. CBG has worked closely with the mayor and city council to ensure that the project will be completed without any soft funds from the city. The project’s nonprofit partner, Central Valley Coalition for Affordable Housing, is an organization with which CBG has a long tenure of joint ventures. The project’s equity partners are Alliant and Sugar Creek.
Pasadena Studios is scheduled for completion in the Spring of 2023.
Founded in 1999 by Christian Hart and Joe Seager, CBG is a real estate development firm dedicated to creating quality housing for underserved communities, with a focus on socially conscious, sustainable growth. Bridge Financial Advisors was founded by Jim Osterling in 2002. The firm specializes in real estate development, land use planning and financing as both a principal and advisor.
Hart said, “We want to use these next 10 years to structure deals that have affordable and market rate components because it really creates a viable opportunity for people to live in their local neighborhoods where they can utilize those resources, work close to home, send their children to school, and be able to be present for their children and their families. That has meaning for us and that’s what we want to accomplish.”
For more information about Pasadena Studios, contact: Dawn Velazquez, (626) 797-3888 x215, email@example.com.
20/20 Plumbing & Heating, Inc. frequently supports affordable housing initiatives for veterans, seniors and other low-income communities. We are proud to deliver the highest quality services, regardless of budget, to ensure that our California and Nevada neighbors have safe and comfortable places to call home. See why we are your premier installation and new construction plumbing and HVAC contractor at: https://www.2020ph.com.