NEWS RELEASE FOR IMMEDIATE RELEASE
Contact: Landis Graden
FREMONT, Calif. (January 13, 2009) – Eden Housing, a nonprofit homebuilder headquartered in Hayward, CA, recently received funding approval from both the City of Fremont ($12 million) and the U.S. Department of Housing and Urban Development ($14 million) for a 98-unit senior affordable housing development on Peralta Boulevard in Fremont, California.
Beginning in 2007, Dutra Cerro Graden represented Eden Housing in the negotiation and acquisition of the Peralta Center, a 3-acre commercial site in Fremont, CA. For almost two years, Dominic Dutra and Alan Cerro worked diligently alongside Eden Housing project manager Katie Lamont to negotiate lease buyouts and obtain the necessary entitlements for the proposed project that includes 98-senior affordable units, a community room, offices, common area, residential units and an On Loc Senior Health Services center.
Dutra Cerro Graden was also instrumental assisting Eden in obtaining over $12 million dollars in funding from the City of Fremont as well as over $14 million from HUD’s Section 202 Supportive Housing for the Elderly (HUD 202) program. According to the City of Fremont, each unit is intended to “serve seniors with household incomes at or below 40% of the area’s median income level, which is near $24,000 (annually) for a one-person household.” Eden is scheduled to close escrow on the property on April 1, 2009 with completion of the project anticipated in 2010.
Dominic Dutra, President and CEO of Dutra-Cerro-Graden, remarked that he was “…honored to work alongside Eden Housing, to make this very important project a reality for low income seniors.”
About Eden Housing Eden Housing, Inc. is one of Northern California’s premier nonprofit affordable housing developers and managers, as well as one of its oldest. Since 1968, Eden has been creating a variety of high-quality affordable housing opportunities for lower-income families, seniors and people with disabilities. Eden’s housing portfolio includes multi-family rental housing, co-ops, supportive housing and first-time homeownership housing. Eden is currently active in twenty cities in Alameda, Santa Clara, San Mateo, Sonoma, Contra Costa and San Joaquin Counties.
About Dutra-Cerro-Graden, Inc. Dutra-Cerro-Graden, Inc. is a commercial real estate and land development company with operations in the Greater San Francisco Bay Area. Founded by three industry leaders, Dominic Dutra, Alan Cerro, and Landis Graden, the firm brings decades of experience in dealing with land, asset and development opportunities. Their competitive advantage in the market is their understanding of the land development and entitlement process and their ability to use this knowledge to assist clients in achieving key organizational objectives.