Colton, Ca.,- After sorting out the Senior Housing fiasco created by Mark Nuaimi during his 3.75 years in Colton, construction is underway for the city’s new affordable senior housing complex. The housing complex is named The Villas with a Mission style design providing 40 two-bedroom units and 80 one-bedroom units, including a 2,500 square foot community building and two lap pools with Jacuzzis. The construction is to be complete in early 2014 at a cost of $4.9 million dollars!
Now compare this to the Yucca Valley Senior housing project with National C.O.R.E. Renaissance, NCRC, of Fontana given a no-bid contract by Town Manager, Mark Nuaimi, to build 74 one-bedroom units and one 2-bedroom unit at a cost short of $18 million dollars! That’s $227,299.00 per unit, or $140.00 per square foot, for a total construction cost of $17,047,409.00! (Click here for details LINK)
The funding for the Colton Senior Complex is a loan from the Housing Authority to Orange County-based developer Eagle Real Estate Group. The loan will be paid back at 2% annually according to the San Bernardino news report. Eagle took city officials to their developments in Palm Springs, Cathedral City and toured projects in South Pasadena.
Now compare that with Yucca Valley’s developers, C.O.R.E. Renaissance, who have only managed Senior Housing units in Fontana and have NO MONEY invested in this project. (C.O.R.E. has an option to buy the land appraised at $941,000 for ONE DOLLAR!) The $18 million project is cobbled together with several loans including $1.6 million from the County of San Bernardino HOME residual loan, tax credit equity financing, construction financing and the Town of Yucca Valley has been committed to $3.2 million dollar loan that will only be paid back at the 30-55 year mark called a residual loan. At the end of 55 years, the Town of Yucca Valley will be the proud owner of the building even though C.O.R.E. failed to offer one example of another 55-year-old project in this scenario.
Nuaimi did not include the $2.9-$3.2 million dollar General Fund obligation with C.O.R.E. DDA, Development and Disposition Agreement, during the budget workshop.
In a recent comment on Cactus Thorns, Nuaimi said the Senior Housing funds are not the obligation of the Town’s General fund:“First, Nuaimi doesn’t obligate, Town Council actions entered into the DDA with NCRC. Second, it doesn’t show up in the budget because it’s not a General Fund obligation.”-Mark Nuaimi 02/16/2013 12:31pm
There was a remittance clause that Nuaimi slipped past the unsuspecting and trusting newbie councilmen, Abel, Huntington, Rowe and Lombardo. Perhaps this was inserted in anticipation of the dissolution of RDA low/mod housing funds:
“IF THE AGENCY HAS INSUFFICIENT FUNDS TO MAKE REMITTANCES REQUIRED UNDER THE REMITTANCE AGREEMENT, THEN THE TOWN IS STILL REQUIRED TO MAKE THE PAYMENTS FROM ANY LAWFULLY AVAILABLE FUNDS.”
“The State Department of Finance has continually denied the $500,000.00 fronted to C.O.R.E. (NCRC) to seek prop 84 grant funding, which was unsuccessful. The Department of Finance also denied the $38,000 attorney fees spent on this Yucca Valley Senior Housing project. Nuaimi stated he will sue the state of California Department of Finance for these two expenditures.” Source: Yucca Valley Council Hoodwinked to Spend 30% Town Budget for Senior Housing. LINK
Nuaimi remarked: “Senior housing project is a residual receipts loan. If there are not residual receipts from the operation of the affordable housing project, then the investment value continues to accrue interest and the Town has an ownership interest in the project at the end of the 55 year operating covenant. Nobody EVER guaranteed that the residual receipts loan would be repaid. It is an investment made from low/mod funds, redevelopment land, and development impact fees.”
Please read this story posted last January 2013- “Yucca Valley Housing Scheme-Nuaimi Commits Town to $3.2 million dollars.” LINK
Nuaimi is planning to break ground on this project this spring with escrow closing in early April. In doing so, he will bankrupt our town by continuing to over commit funds to include $250,000 funding per year for Brehm park.
Please pray for Yucca Valley.
You might be interested
Incoming search terms:
- the villas in colton ca
- the villas in colton
- the villas colton ca
- the villas apartments colton
- the villas senior colton
- the villas in colton california
- the villas colton ca jobs
- the villas apartments colton ca
- colton california new senior citizen apartments
- senior housing in colton ca