Paramount City logoCalifornia State Treasurer Fiona Ma joined then-Mayor Brenda Olmos and members of the Paramount City Council on Friday, March 25 at the ribbon-cutting to open a 306-unit “workforce housing” development in the City called The Enclave.

The Enclave is the result of a partnership between the City, the California Municipal Finance Authority (CMFA), and BLDG Partners that provides housing relief to middle-income residents. These residents fall into an income bracket that disqualifies them for common government-supported affordable housing, yet their income often makes conventional housing just out of reach in the expensive California market. This “missing middle” includes professionals such as teachers, health care providers, and first responders who are at the beginning of their careers.

“Besides offering an affordable option, workforce housing makes it easier for people to live in the city where they are employed,” said Olmos. “Traditionally, there have not been programs that help with the cost of housing for these individuals. This one does.”

The $129 million project was made possible through tax-exempt bond financing, led by CMFA and the City. With rents continuing to rise regionally, The Enclave will offer lower rents for residents earning between 80% to 120% of the Area Median Income.

“Thank you to CMFA and their innovative financing and partnerships for keeping these units affordable for 30 years,” said Treasurer Ma. “That creates stability in a community and creates dedication and commitment to families. Thanks also to the City of Paramount for welcoming this type of project. We need more cities that are open to more affordable housing. This is how we get things done.”

“We are grateful for the entire partnership and all it will provide our community,” Olmos added.