Project

Shadowhawk

Danville, CA, 1996

A mixed-income, market-rate subdivision of 196 homes in Danville, California.

Shadowhawk is a mixed-income, market-rate subdivision of 196 homes in Danville, California.

Developers Kaufman and Broad were having trouble obtaining the take-out financing to provide a sufficient return on investment for their product while still achieving affordability standards required by law. Instead of selling units at less than the market price, Kaufman and Broad used Northbay Family Homes's CASA Home Loan' Program to bridge the gap between affordability and market price.

Selling homes at full market price has a dual benefit: First, the problem of different appraisals on identical homes is avoided; and second, a full share of property taxes can be collected on each home because California property taxes are based on the home's sale price.

Shadowhawk was the first application of the CASA Home Loan' Program requested by Kaufman and Broad homebuilders to meet affordability requirements in this new-home subdivision. Twelve low- to moderate- income families used Northbay Family Homes's CASA Home Loan' Program to purchase homes in Shadowhawk. Northbay Family Homes still manages the CASA loan portfolio for Kaufman and Broad.

Our involvement in Shadowhawk included the following services from our Seven Points of Entry in real estate development:

Securing the Mortgage Take-out financing
Occupancy Activities (getting buyers into ownership units)
Post-Occupancy Asset Holding (managing the investments of others following completion and occupancy)