At East West Bank, we believe that affordable housing is more than just a place to live—it's a foundation to build brighter futures and improve lives. Whether for families, individuals or seniors, a safe and welcoming home is essential.
East West Bank’s John Chan (right) attends the ribbon-cutting for Hellenic Senior Apartments in Sacramento
(Photo courtesy of Dawson Holdings, Inc.)
As part of our broader commitment to make an impact in the communities we serve, East West Bank focuses on four pillars of community investment: quality of life, small business growth, financial literacy, and diversity and inclusion. Affordable housing is a cornerstone of improving quality of life, and through our investments, we celebrate four new developments in California this year: Hellenic Senior Apartments in Sacramento; Aspen Wood in San Ramon; Ramona Metro Point in El Monte; and Miraflores Apartments in Anaheim. These developments transform the lives of hundreds of residents, including seniors, families and service workers.
The growing gap in affordable housing for working-class families and seniors
Across the United States, affordable housing is in short supply, particularly for working-class families and seniors. According to the National Low Income Housing Coalition, the nation faces a shortage of 7.3 million affordable, available rental homes. The situation is especially pressing in California, which is among the most expensive housing markets in the country. With a median home price of $793,600 (Bankrate.com) and average rent of $2,555 (RentCafe.com), many people earning minimum wage or living on fixed incomes are priced out of the market.
The situation is even more challenging for seniors. Many rely on Social Security and have an average monthly benefit of $1,782.74 (Bankrate.com). This stark contrast between income and housing costs underscores the importance of developing more affordable housing options.
Why affordable housing is in short supply
Rising construction costs, local zoning laws, limited government funding, and increasing insurance costs all contribute to the problem. East West Bank helps address these key challenges by participating in the federal Low Income Housing Tax Credit (LIHTC) program. LIHTC incentivizes the private sector to create affordable housing by offering tax credits in exchange for investments in low- and moderate-income housing developments.
Through investment in the LIHTC program, and construction and long-term loan financing, East West Bank supports the construction and renovation of affordable housing developments like Hellenic Senior Apartments, Aspen Wood, Ramona Metro Point and Miraflores Apartments. These homes not only provide a roof over the heads of seniors and working-class families, but also nurture community and security in upscale or move-up neighborhoods that many would be proud to call home.
Hellenic Senior Apartments: a sanctuary for Sacramento’s seniors
Garden-style living at Hellenic Senior Apartments
(Photo courtesy of Dawson Holdings, Inc.)
Nestled in the upscale Pocket-Greenhaven area of Sacramento, the Hellenic Senior Apartments offer a tranquil, garden-style community for independent seniors. This 70-unit development provides much-needed affordable housing where seniors can enjoy their golden years in safety and comfort. East West Bank provided construction and long-term financing. Dawson Holdings managed the renovation, and R4 Capital, LLC, provided tax credit equity, with CVS Health / Aetna as the investor limited partner.
At the ribbon-cutting ceremony, John Chan, Senior Vice President of Commercial Real Estate at East West Bank said, "We are excited to help unveil the newly renovated Hellenic Senior Apartments, which will provide safe, quality housing for seniors living on fixed incomes. Our support for this project is part of our commitment to reinvest in underserved communities and preserve affordable housing where it’s needed most."
The development’s amenities include a clubhouse, health and wellness services, educational programs, and social activities—ensuring that seniors can enjoy full and active lives.
Aspen Wood: a public-private partnership success story
Aspen Wood development
(Photo courtesy of Standard Communities)
In the costly San Francisco Bay Area, the newly developed Aspen Wood in San Ramon offers 123 units of affordable senior housing, marking the city’s first LIHTC project since 2010. The development fills a major gap where housing prices can be out of reach for many seniors.
Aspen Wood is a successful public-private partnership, with funding provided by the City of San Ramon, the California Municipal Finance Authority (CMFA), California Debt Limit Allocation Committee (CDLAC) and California Tax Credit Allocation Committee (CTCAC), with LIHTC arranged in partnership with Boston Financial and Candeur. East West Bank provided construction and long-term financing, ensuring the project could move forward.
“For decades, East West Bank has collaborated with public and private sector partners to bridge the affordable housing gap in the communities we serve,” said Robert Lo, Executive Vice President and Head of Commercial Real Estate Banking at East West Bank. “This project is yet another proof point of what we can accomplish when we work together on a shared goal.”
Ramona Metro Point: marquee transit-oriented development
Ramona Metro Point development
(Photo courtesy of Newport Partners)
Centrally located in the bustling El Monte transit-transfer-stop, the newly constructed Ramona Metro Point affordable housing apartment complex is a cornerstone for current and future transit-oriented development. This secure building developed by Newport Partners has an on-site management office and 50 units ranging from one to three bedrooms to provide much-needed safe and affordable housing for low-income individuals and families. To nurture their foundations for wellness and to support continued learning and education, residents can access a community room, computer lab, homework stations, a tot-lot, and car and bicycle parking. East West Bank was the construction lender and provided tax-exempt and taxable loans.
Miraflores Apartments: supporting Anaheim’s workforce
Miraflores Apartments
(Photo courtesy of National Core)
Affordable housing is not just for seniors—it's also crucial for service workers who power local economies. In Anaheim, the Miraflores Apartments provide 85 affordable units for families, many of whom work in the service industry supporting the Disneyland economy. Developed by National Core, this project not only provides affordable rents, but also focuses on sustainability, with LEED-certified, energy-efficient design that helps reduce utility costs for residents.
Miraflores Apartments are ideally located near an elementary school, making them a perfect choice for families with children. Market-rate features like a pool, playground and outdoor rooftop deck, and proximity to schools ensure that these working-class families have a high-quality, stable and supportive environment in which to grow.
A commitment to community investment
East West Bank’s investment in affordable housing is a key part of our broader commitment to community development. While affordable housing is a complex challenge, East West is providing financing and working with partners on innovative housing solutions to improve the quality of life in the communities we serve. Now that’s something to write home about!