Safehold Closes Leases for 211 Affordable Housing Units in California
Safehold signed ground leases for developing 211 low-income tax credit units in Santa Cruz and Santa Clarita, California, with delivery set for 2028. Citi Community Capital provided construction and permanent financing for these affordable housing projects developed by CRP Affordable Housing & Community Development.
1. Ground Leases for Affordable Housing Projects
Safehold has closed ground leases for two affordable housing communities in California, targeting Santa Cruz and Santa Clarita and totaling 211 low-income tax credit units scheduled for delivery in 2028.
2. Financing and Development Partnership
CRP Affordable Housing & Community Development will lead construction and is a new Safehold customer, with Citi Community Capital providing both construction and permanent financing for both projects.
3. Strategic Significance
These transactions expand Safehold’s affordable housing platform and demonstrate its ground lease model’s role in unlocking land value and supporting community-focused residential developments.