CPC joins developer to preserve affordable senior housing

Nonprofit developer BRIDGE Housing has chosen mortgage lender CPC Mortgage to refinance the Magnolia Plaza senior apartments located in South San Francisco, CA. The two mission-driven companies have announced $19.4 million in financing to preserve 125 units of affordable housing for low-income senior citizens.

Studies have revealed senior citizens among those at highest risk of housing instability, being one of the fastest-growing populations in the country with higher cost burdens and lower fixed incomes as they age.

“For seniors, particularly those with lower incomes, it makes all the difference in the world to have a stable, affordable home,” said BRIDGE president and CEO Ken Lombard. “We’re grateful for the innovative partnership with CPC Mortgage Company, which will help us preserve and enhance Magnolia Plaza’s affordability for the long term.”