Written by The Business Journal Staff
Innovative Development and Living Solutions of California, a 501(c)3 corporation, is developing the 48-unit facility — comprised of three 16-unit homes — as part of a public-private partnership with the City of Clovis.
Located near Sierra Avenue and Highway 168, it is Clovis’s first project financed by a New Market Tax Credit (NMTC), and the first such-financed assisted living project in the U.S.
The NMTC program was created by Congress to attract capital to low-income communities by giving private investors a federal tax credit for investments made in projects in economically distressed areas.
Funding for the project came from US Bank, Northern California Community Loan Fund, Capital Impact Parters, Fresno CDFI and the Quiring Corp. Paul Halation Architects, Broussard Associates Landscape Architects and senior living management consultants Peer Services also also involved.
Magnolia Crossing got its start from local founders Michael and Marisa Sigala, who themselves were facing important decisions about how to care for their aging parents. The pair comes from the housing industry with real estate and urban planning backgrounds, and own a local consulting firm. Michael is the former housing and community development director of the City of Fresno, and Marisa is a former executive of Transamerica Senior Living.
The project is geared to mixed-income seniors. About half of the units will be dedicated to seniors who can’t afford traditional assisted living options.
“From our own family experiences, we saw a need to create a new type of assisted living in a more intimate and home like environment that was affordable to a broad segment of the community,” the Sigalas said in a statement.
For its part, the City of Clovis invested three acres of land that will be the site of Magnolia Crossing, which will create 25 full-time jobs when completed in late 2017.
The community’s design will include pathways, gardens and useable open space. The community will be billed as environmentally friendly with a planned mini-solar farm, electric vehicle charging station and other features throughout.
For more information, visit https://www.facebook.com/MagnoliaCrossingAssistedLiving/