The demand for affordable housing is one of the most pressing issues facing our communities today. At McCarthy Companies, we understand the critical need for affordable housing options and the important role that public-private partnerships (PPPs) can play in addressing this challenge. As a real estate development and construction company with a long history of successful partnerships, we believe that the collaboration of private and public entities can offer a lot of flexibility as well as combined experience. This collaboration improves the strength of the team looking to acquire, develop, finance, build and operate new affordable housing communities.
Below, we will explore the different capacities we can participate in PPPs and how this applies to our work in the affordable housing arena.
Public-private partnerships can take on various capacities depending on the specific needs and objectives of the parties involved. When acting as a private entity, we have an ownership stake in the deal and can provide an array of services, including but not limited to: acquisition, entitlements, development management, underwriting, financing, design, construction management, and construction. McCarthy’s involvement in a PPP can provide advantages such as access to private financing, specialized expertise, and efficiency in project delivery. By partnering with public entities, such as cities or housing authorities, we collaborate with a talented team of individuals who provide a very important and distinct skill set that assists the project with obtaining government funding and incentives as well as relationships with local supportive services, and property management. Our combined capabilities strengthen us as a team which allows us the ability to offer a suite of complementary services that provide the foundation for not only a cohesive project but, at the root of it, affordable housing at a lower cost.
McCarthy’s Mission Through PPPs for Affordable Housing Development
At McCarthy Companies, we feel it is our social responsibility to address the housing crisis through affordable housing development. We are passionate about contributing to the well-being of our communities and ultimately helping them to thrive through our work. With a community-centered approach, we partner with public agencies to identify residents and other community stakeholders, determine specific need areas, and work with local organizations to address these needs. By combining quality affordable housing with community and social service programs, we are able to maximize our impact on a local level and ensure communities and residents have an improved quality of life long-term.
Castillo del Sol in Ventura
Castillo Del Sol is a three-story, 40-unit apartment complex that provides support services for low-income individuals with special needs. The $11.6 million sustainable housing project received a Green Point Rated Certification. Through the Housing Choice Voucher program, the public-private partnership between McCarthy Companies and the Housing Authority of the City of San Buenaventura provided a rental assistance subsidy to finance the construction and ensure long-term affordability for residents. McCarthy Companies acquired the land, retained and oversaw all design and construction consultants, and provided general contracting services to build the project. This project wouldn’t have been possible without our partners: HACSB, Montecito Bank & Trust, National Equity Fund, and Main Street Architects.
Paseo Nuevo Apartments
In this public-private partnership with the Oxnard Housing Authority and Las Cortes, McCarthy acted as the private developer and builder. We acquired a 5-acre site that had existing substandard housing. After providing temporary and permanent relocation assistance to existing tenants, we developed, entitled, designed, and built 72 apartments. Located less than two miles from the ocean, the project offers a plaza and BBQ, property management office, craft room, and technology room for Paseo children to use the internet and finish homework. The project includes twelve Net-Zero energy buildings and received a Green Point Rated certification for its sustainable design and construction efforts.
Nipomo 40 Apartments
Most recently, McCarthy worked with the Housing Authority of the City of San Luis Obispo under a public-private partnership to develop and build this 40-unit affordable independent senior living facility in Nipomo, CA. Providing a lower cost of living and improved quality of life, the project brings hope and opportunity to its residents and the surrounding community.
McCarthy was involved in the following projects as a fee builder:
Mountain View Apartments
In partnership with Many Mansions and the Area Housing Authority for the County of Ventura, McCarthy acted as a fee builder, providing preconstruction and construction services for this project consisting of 77 affordable apartments and associated amenities.
Willett Ranch Apartments
McCarthy Companies provided preconstruction and general contracting services for the Housing Authority for the City of San Buenaventura at Willett Ranch, a 50-unit senior apartment community in Ventura, California.
Johnson Court Apartments
With the Housing Authority of the City of Santa Barbara, McCarthy acted as a fee builder on this 17-unit project.
McCarthy Companies partnered with the Area Housing Authority of the County of Ventura and Many Mansions to build 24 cottage-style apartments with an on-site laundry facility, tot lot playground, community room, and garden.
Ormond Beach Villas
Developed to provide housing for homeless veterans, Ormond Beach Villas is a collection of 40 affordable apartments in Ventura County. Providing preconstruction and general contracting services, McCarthy Companies worked with Many Mansions on this project.
Terraza de Las Cortes Apartments
In partnership with the Oxnard Housing Authority, McCarthy provided preconstruction, design consulting, and construction services to design and build 64 two and three-bedroom apartments for low-income residents. This project received a Green Point Rated certification.
Paseo de Luz Apartments
Partnering with Ventura County Behavioral Health and developer CEDC, McCarthy provided preconstruction and general contracting services for this 24-home community.
For more information about our affordable housing projects, visit our portfolio page here.