In April 2018, DOF provided a $3,650,000 loan to a private developer for the acquisition of Sara’s Apartments, a 29-unit, affordable housing property in Long Beach, CA. The property has a new Section 8 contract with the City of Long Beach which will be 15 years terminating in 2033 with an automatic 15-year renewal, pushing the fully extended term to 2048. Without this loan, the property was in jeopardy of losing its “affordability” status and could have been converted into market rate housing in an area which is experiencing tremendous growth and higher real estate values.