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The Union Bank of California Foundation today announced the
beneficiaries of its “Cornerstone Awards,”
a $685,000 grant program founded in 2002 to fund emerging nonprofit
housing developers in California. This unique program, the only one of
its kind in the state, provides flexible operating grants and funding
for technical assistance to up-and-coming affordable homebuilders.
Community Housing Partnership in San Francisco, Wakeland Housing and
Development Corporation in San Diego and Rancho Housing Alliance in
Coachella will each receive $195,000 over a three-year period to
complete new affordable housing developments in their local areas. An
additional $100,000 is earmarked for day-to-day administration and
measurement of the program.
“Five years ago, Union Bank was looking for a
strategic, effective and creative means to facilitate the creation of
affordable housing,” said Carl Ballton,
president and chief operating officer of Union Bank’s
foundation. “We learned that a lack of
operating capital is one of the biggest hurdles new developers must
surmount to bring affordable units online—and
that was one of the issues that the bank’s
foundation could address.”
According to Ballton, the first round of Cornerstone grants enabled
three developers to create 344 much-needed units of affordable housing—119
more than originally anticipated—and move 484
more units into predevelopment. “Based on the
success of the first grant recipients, we are very excited about the
prospects for this new group and the benefits they’ll
be able to bring to their communities.”
About the winners:
Community Housing Partnership (San Francisco) –
CHP was established in 1990 to help people overcome homelessness
through supportive housing. From 1990 to 1996, the organization
developed three projects that supported 29 families and 192
individuals. CHP currently has three projects in its pipeline—one
rehabilitation and two new construction projects. Together, they will
create 213 units for single adults, families and seniors. Once the
developments are built, CHP provides property management and on-site
supportive services.
Rancho Housing Alliance (Coachella) –
Rancho Housing Alliance focuses on three areas: development and
construction; resources to help families achieve homeownership; and
neighborhood services, such as immigration assistance. The
organization has a 15-member board comprised of representatives from
eight communities, two tribal reservations and local governments.
Rancho launched its first project in 2003 with the construction and
sale of four infill homes and a 120-home subdivision and community
park in Coachella. Projects in the pipeline include 16 infill homes
and a 48-bed migrant housing facility with community center. The
organization has other land holdings that have been designated for
subdivisions, parks, retail/commercial centers and community
facilities.
Wakeland Housing and Development Corporation (San Diego) –
Wakeland was established in 1999 with a focus on developing quality
multi-family affordable housing throughout San Diego County. Completed
projects include Vista Las Flores, a 28-unit development in Carlsbad;
Beyer Courtyards, a 60-unit family development in San Ysidro that
includes a children’s play area, basketball
court and community room; and Lillian Place, a 74-unit development
that will open in November 2008. In mid-September, Wakeland will begin
rehabilitating Del Sol Apartments, a 90-unit project in San Ysidro.
Wakeland also designs and implements programs to support residents of
all ages, including youth programs, adult education and senior
programs.
The Cornerstone Award was developed by Union Bank of California and its
10-member Community Advisory Board, which plays an integral role in
helping the bank’s executive management
identify the financial needs of low-income and underserved communities.
The recipients were chosen in a competitive process from a pool of 22
entrants from across the state. Each entrant had to meet specific
requirements, including the completion of at least one significant
affordable housing development, demonstration of need in the applicant’s
primary service area, and proof that the development would have
difficulty moving forward without additional funding.
According to the National Low Income Housing Coalition, the current fair
market rent for a two-bedroom home in California is $1,149. In order to
afford this without paying more than 30 percent of income on housing,
California households must earn $22.09 an hour, the second highest “housing
wage” in the country and almost three times
the minimum wage. There is not a single jurisdiction in the country
where a person working 40 hours a week, 52 weeks a year at the
prevailing minimum wage can afford a one-bedroom apartment.
Established in 1953, the Union Bank of California Foundation serves as
the agent for charitable contributions made by Union Bank of California.
Throughout its history, the foundation has represented the bank’s
investment and commitment to help meet the charitable needs of the
communities it serves. The bank’s community
development finance division provides financing and consultation
services to non-profit real estate developers, as well as local and
state housing authorities.
Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a bank
holding company with assets of $50.8 billion at June 30, 2006. Its
primary subsidiary, Union Bank of California, N.A., had 321 banking
offices in California, Oregon and Washington, and 2 international
offices at June 30, 2006. The company's Web site is located at www.unionbank.com.
The Union Bank of California Foundation today announced the
beneficiaries of its "Cornerstone Awards," a $685,000 grant program
founded in 2002 to fund emerging nonprofit housing developers in
California. This unique program, the only one of its kind in the
state, provides flexible operating grants and funding for technical
assistance to up-and-coming affordable homebuilders.
Community Housing Partnership in San Francisco, Wakeland Housing
and Development Corporation in San Diego and Rancho Housing Alliance
in Coachella will each receive $195,000 over a three-year period to
complete new affordable housing developments in their local areas. An
additional $100,000 is earmarked for day-to-day administration and
measurement of the program.
"Five years ago, Union Bank was looking for a strategic, effective
and creative means to facilitate the creation of affordable housing,"
said Carl Ballton, president and chief operating officer of Union
Bank's foundation. "We learned that a lack of operating capital is one
of the biggest hurdles new developers must surmount to bring
affordable units online--and that was one of the issues that the
bank's foundation could address."
According to Ballton, the first round of Cornerstone grants
enabled three developers to create 344 much-needed units of affordable
housing--119 more than originally anticipated--and move 484 more units
into predevelopment. "Based on the success of the first grant
recipients, we are very excited about the prospects for this new group
and the benefits they'll be able to bring to their communities."
About the winners:
-- Community Housing Partnership (San Francisco) - CHP was
established in 1990 to help people overcome homelessness
through supportive housing. From 1990 to 1996, the
organization developed three projects that supported 29
families and 192 individuals. CHP currently has three projects
in its pipeline--one rehabilitation and two new construction
projects. Together, they will create 213 units for single
adults, families and seniors. Once the developments are built,
CHP provides property management and on-site supportive
services.
-- Rancho Housing Alliance (Coachella) - Rancho Housing Alliance
focuses on three areas: development and construction;
resources to help families achieve homeownership; and
neighborhood services, such as immigration assistance. The
organization has a 15-member board comprised of
representatives from eight communities, two tribal
reservations and local governments. Rancho launched its first
project in 2003 with the construction and sale of four infill
homes and a 120-home subdivision and community park in
Coachella. Projects in the pipeline include 16 infill homes
and a 48-bed migrant housing facility with community center.
The organization has other land holdings that have been
designated for subdivisions, parks, retail/commercial centers
and community facilities.
-- Wakeland Housing and Development Corporation (San Diego) -
Wakeland was established in 1999 with a focus on developing
quality multi-family affordable housing throughout San Diego
County. Completed projects include Vista Las Flores, a 28-unit
development in Carlsbad; Beyer Courtyards, a 60-unit family
development in San Ysidro that includes a children's play
area, basketball court and community room; and Lillian Place,
a 74-unit development that will open in November 2008. In
mid-September, Wakeland will begin rehabilitating Del Sol
Apartments, a 90-unit project in San Ysidro. Wakeland also
designs and implements programs to support residents of all
ages, including youth programs, adult education and senior
programs.
The Cornerstone Award was developed by Union Bank of California
and its 10-member Community Advisory Board, which plays an integral
role in helping the bank's executive management identify the financial
needs of low-income and underserved communities. The recipients were
chosen in a competitive process from a pool of 22 entrants from across
the state. Each entrant had to meet specific requirements, including
the completion of at least one significant affordable housing
development, demonstration of need in the applicant's primary service
area, and proof that the development would have difficulty moving
forward without additional funding.
According to the National Low Income Housing Coalition, the
current fair market rent for a two-bedroom home in California is
$1,149. In order to afford this without paying more than 30 percent of
income on housing, California households must earn $22.09 an hour, the
second highest "housing wage" in the country and almost three times
the minimum wage. There is not a single jurisdiction in the country
where a person working 40 hours a week, 52 weeks a year at the
prevailing minimum wage can afford a one-bedroom apartment.
Established in 1953, the Union Bank of California Foundation
serves as the agent for charitable contributions made by Union Bank of
California. Throughout its history, the foundation has represented the
bank's investment and commitment to help meet the charitable needs of
the communities it serves. The bank's community development finance
division provides financing and consultation services to non-profit
real estate developers, as well as local and state housing
authorities.
Based in San Francisco, UnionBanCal Corporation (NYSE:UB) is a
bank holding company with assets of $50.8 billion at June 30, 2006.
Its primary subsidiary, Union Bank of California, N.A., had 321
banking offices in California, Oregon and Washington, and 2
international offices at June 30, 2006. The company's Web site is
located at www.unionbank.com.