In 2011, The Pate Foundation and Sean Pate — as joint venture general partners with Global Premier Development, Inc. — received low-income housing tax credit award reservations for six affordable communities in California: approximately $18.3 million in credits, roughly $49 million in total development, and 212 income-restricted homes for working families and seniors.
The federal Low-Income Housing Tax Credit (LIHTC) program is the nation's primary financing tool for affordable housing. State agencies like the California Tax Credit Allocation Committee (TCAC) run a competitive scoring process each year; winning applications receive award reservations worth millions in equity financing for income-restricted rental communities. A reservation is the standard competitive-award milestone — a project's final allocation follows construction.
All six were joint-venture general partnerships between Global Premier Development, Inc. and The Pate Foundation. All serve households earning 30–60% of Area Median Income.
| Community | Location | Type | Units | Annual Award |
|---|---|---|---|---|
| Morgan Hill Retirement Residence | Morgan Hill (Santa Clara County) | New construction — tax-exempt bonds + 4% credits · seniors | 138 | $565,343/yr × 10 yrs + $2.16M state credits |
| Plumas Family Apartments | Yuba City (Sutter County) | New construction — large family | 15 | $352,595/yr × 10 yrs (9%) |
| Wilhelmina Apartments | Anaheim (Orange County) | Rehabilitation — large family · HUD Section 8 on 8 of 11 units | 11 | $226,058/yr × 10 yrs (9%) |
| Los Olivos | Redwood City (San Mateo County) | Acquisition & rehabilitation — seniors | 14 | $208,784/yr × 10 yrs |
| Canal Palms | San Rafael (Marin County) | Acquisition & rehabilitation — seniors | 10 | $140,501/yr × 10 yrs |
| Sunset Palm | Palm Springs (Riverside County) | Acquisition & rehabilitation — 3 senior buildings | 24 | $118,936/yr × 10 yrs |
The flagship award of the 2011 cycle and the portfolio's only bond-financed deal. TCAC reserved $565,343 in federal credits annually for ten years, plus $2,161,607 in California state credits — the joint venture's largest award. The 138-unit senior community (111 one-bedroom, 27 two-bedroom) was financed with tax-exempt bonds issued through the California Statewide Communities Development Authority, construction and permanent financing from NARA Bank, $1,000,000 in Federal Home Loan Bank AHP funds, and roughly $9.0M in tax credit equity. The City of Morgan Hill reviewed the site and "strongly supports this project."
A new-construction family community: 15 units (8 two-bedroom, 7 three-bedroom), financed by Boston Capital construction and permanent loans plus ~$4.24M in tax credit equity. Award of $352,595/yr federal for ten years (9% credits). Energy features: 45% more efficient than California code, community gardens, reclaimed-water irrigation. Rents from $396 to $914/month.
Rehabilitation of an existing family apartment building, with HUD Project-Based Section 8 vouchers covering 8 of the 11 units. Award of $226,058/yr for ten years (9% credits). The Anaheim Redevelopment Agency "strongly supports this project."
Acquisition-rehabilitation of a 14-unit senior community, awarded $208,784/yr for ten years, combining 9% rehab credits with 3.40% acquisition credits. Green rehab scope: 80% energy-use reduction target, EPA Indoor AirPlus certification, low-VOC finishes.
Acquisition-rehabilitation of a 10-unit, all-one-bedroom senior building, awarded $140,501/yr for ten years. Same green rehabilitation scope as Los Olivos. The City of San Rafael completed its site review and "takes no position."
Acquisition-rehabilitation of three buildings / 24 units of senior housing, awarded $118,936/yr federal for ten years. This is the deal with the deepest paper trail: site acquired by grant deed in February 2011, carryover allocation executed December 2011, and a $1,117,885 tax credit equity commitment from WNC & Associates, against a City of Palm Springs first mortgage of $1,500,000 at 3% for 55 years plus a $240,000 0% AHP second.