Heritage Housing Partners (HHP), a nonprofit affordable housing developer, used NMTC financing to transform six underutilized parcels in Pasadena, CA into Lincoln at Orange Grove, a 70,000 sq. ft. mixed-use community. The project delivers 42 affordable homeownership units, 11,683 sq. ft. of Class A retail and office space, and 83 subterranean parking spaces, expanding homeownership opportunities for low- to workforce-income families (80%-135% AMI) and ensuring historically displaced residents can build long-term equity. HHP will lease the commercial space to 3-4 small businesses and nonprofit organizations at 15-25% below-market rates, along with a $40 per SF tenant improvement allowance, fostering economic growth and small business success.

The development also enhances community well-being by bringing Class A retail to a previously underutilized corridor and increasing access to healthy food options through food-focused tenants. Local eatery Perry’s Joint will serve over 10,000 patrons annually, further activating the space. Additionally, HHP partners with the Pasadena NAACP, City of Pasadena, and local organizations to offer quarterly homebuyer education and financial literacy workshops, typically attended by 60-90 residents, equipping families with the tools to achieve homeownership.

Services Provided by Classic Lake:

• New Markets Tax Credit Advisory

Community and Economic Impacts

• 40 construction jobs

• 20 new full-time jobs and 8 retained jobs

• 42 new affordable for-sale homes, with units available to families earning up to 120% of the Area Median Income (AMI)