Jamboree secures final funding for Larkin Place
by Steven Felschundneff | firstname.lastname@example.org
The California Tax Credit Allocation Committee agreed Wednesday to award $1.1 million to Jamboree Larkin Place’s construction.
On June 1 the city’s Principal Planner Chris Veirs sent a letter to Jamboree’s Senior Vice President, Development Tish Kelly confirming that the application had met all of the requirements allowed under the Supportive Housing Act, Assembly Bill 2162. That law stipulates that only objective standards be applied to supportive housing projects, and it must be handled at a staff level without public hearings by commissions or the City Council.
Larkin Place will be a 33-unit permanent supportive and affordable housing project located on the vacant lot at 731 Harrison Ave., a parcel currently owned by Pilgrim Place.
“No one city can solve homelessness alone,” council member Jed Leano wrote in an email statement. “As Chair of the San Gabriel Regional Housing Trust, we are proud to be funders of Larkin Place, which will deliver badly needed permanent supportive housing for our poorest neighbors and will help Claremont fulfill its moral and legal obligation to provide more inclusive housing. This final funding award from TCAC represents the strong collaboration between state, county, and regional government in battling California’s crippling housing and homelessness crisis.”
Jamboree has put together a patchwork of funding to cover the projected construction cost of $23,269,386. This includes a $10 million construction loan from Banner Bank, which will be the primary lien holder. Other financing includes a $3 million loan from the San Gabriel Valley Housing Trust, a $4.7 million loan from the Los Angeles County Development Authority, as well as $3 million in low income tax credits and $1.6 million in deferred costs and fees.
The company’s application with the state lists the total “permanent financing” at $12,919,721 and total tax credit equity at $10,349,665. The estimated cost per residential unit is listed as $705,133.
Jamboree expects to own the land and begin the process of obtaining building permits by January 2024. The first people are expected to move into Larkin Place in September 2025.