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LBAHC was created in May of 1992 to produce affordable housing. LBAHC was incorporated in July of 1993 and received its IRS 501 (c)(3) Charitable Non-Profit status the following month. We began with $6,120 in cash, in-kind contributions and the donated time of our volunteer board members. We are now the stewards of over $10,000,000 in quality housing.
In 1994, we completed two Tax Credit projects in Long Beach - Beechwood Terrace and Cambridge Place. The buildings were vacant, partially constructed condominiums. LBAHC redesigned and developed them by applying for and receiving tax credits, forming limited partnerships, raising project equity and securing permanent financing. These projects, the first of their kind in California, are being maintained and operated today for the benefit of low-income working families. Our Waiting List is thirty months, unfortunately.
The City of Long Beach recognized our non-profit as a Community Housing Development Organization (CHDO) in 1995. The designation provided operating assistance and access to HOME partnership funds for acquisition and rehabilitation of multi-family projects. LBAHC, in that same year, was one of only six non-profit organizations in Southern California selected by the Enterprise Foundation for technical assistance and operating support. The Foundation continues to provide technical assistance, which recently included Asset Management training for our staff.
In 1996, LBAHC hired its first employee, Executive Director H. Kim Huntley. He first participated in HUD's LIHPRHA program. We then sponsored and formed seven non-profit sole asset corporations and acquired 97 units of "at-risk" housing. Before our acquisition, these properties were continuously cited for health, safety and building code deficiencies. Under our stewardship, HUD's June 17, 1997 letter of inspection classified their overall condition as "Superior" and without deficiencies or other comment.
We began our first-time homebuyer program in 1997 and brought on our second full-time employee, Chief Financial Officer Andrew Kincaid. This comprehensive program includes the acquisition, rehabilitation and resale of boarded and sub-standard properties. LBAHC upgrades the structures, eliminating their functional obsolescence and long term maintenance problems and provides amenities that lower income homeowners normally must do without. Prospective buyers we work with must complete a first-time homebuyer class. We then assist income qualified first-time homebuyers with their financing and down payment requirements.
In 1998, we acquired and converted to affordable housing a 47-unit building on 8th Street in the downtown area of Long Beach. This is a ten-year-old security building with subterranean parking was built as a condo project and has numerous amenities. We are presently applying to the California Housing Finance Agency (CHFA) for new bond financing. The City Councils of Bellflower, Downey and Paramount, after review by professional staff and their respective Redevelopment Agencies selected LBAHC to be their exclusive CHDO for their first-time homebuyers program.
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