In 1998, the City of Pleasant Hill’s 25-year affordability restrictions were expiring on this 100-unit senior housing community. The owners were interested in selling to a nonprofit in order to avoid displacement of the existing tenants. A local, established nonprofit had put the property under contract for six months and had concluded that with limited local support, the project was not feasible. The sellers were reluctant to entertain an offer from AHA, which had no similar-size project experience. Mr. Kashani brought in a private developer colleague with strong financials and track record.

The project received tax-exempt bonds, 4% tax credits, an acquisition loan from Wells Fargo Bank and Federal Home Loan Bank’s Affordable Housing Program subsidies. Using his own General Contractor’s license, Mr. Kashani utilized his in-house construction crew to complete the substantial rehab of the project in 1999.

Completed 1999
80 West Hookston Road, Pleasant Hill, California