Congratulations to BRIDGE Housing’s Coronet senior housing facility as an Affordable Housing Finance Reader’s Choice Awards Finalist. BRIDGE creates high quality, affordable homes for working families and seniors. With over 13,000 homes and counting, BRIDGE has become the leading affordable housing developer in California. The Coronet project was made in partnership with the Institute on Aging (IOA).
The mission of the Institute on Aging is to enhance the quality of life for older adults by enabling them to maintain their health, well-being and independence. Its programs focus in the areas of health, social service, creative arts, education and research. Many of the institute’s clients receive services at one or more of their sites, while others are served through home visits. Over 79% of their clients are low-income with annual incomes of less than $24,000.
In an effort to operate more efficiently, and to better integrate and strategically expand its programs, the Institute of Aging purchased the old Coronet theater in 2000 with the intent of developing it into an IOA facility. In 2007, the institute agreed to sell the property air rights to BRIDGE Housing, who planned to develop its parcel into affordable senior housing. The IOA received a $1 million loan from Community Vision to finance a portion of the costs of predevelopment of a new structure. The project was completed in late 2010.
The Institute on Aging uses the basement, first floor and a portion of the second floor for program and administrative space. A portion of the second floor and the top four floors are affordable senior housing units. The on-site services benefit residents, making this a model program of integrated housing and long-term care services.
Community Vision is proud to have been a partner in the construction of this beautiful facility that serves the needs of low-income seniors throughout the Bay area.