Safehold Inc. Secures Ground Leases for Affordable Housing in California

In a significant move towards enhancing affordable housing availability, Safehold Inc. has announced the completion of two ground lease agreements in California, specifically targeting the development of residential communities in Santa Cruz and Santa Clarita. Both locations present unique characteristics that make them ideal for new housing developments. Santa Cruz, renowned for its vibrant coastal environment along the Monterey Bay, contrasts with the rapidly growing city of Santa Clarita, located in northern Los Angeles County.

The projects, which will be undertaken by CRP Affordable Housing Community Development, represent Safehold's commitment to fostering partnerships that result in high-quality residential options in areas where affordable housing is scarce. Steve Wylder, Head of Investments at Safehold, expressed enthusiasm about the collaboration, stating, "We're thrilled to establish a relationship with CRP and support the creation of high-quality residential communities in markets that need affordable housing."

With construction slated to deliver a total of 211 units by 2028, both projects will benefit from Low-Income Housing Tax Credits, a vital component aiding such developments. The financing for construction and ongoing operations will be managed by Citi Community Capital, showcasing a collaborative effort that underscores the importance of joint ventures in real estate.

Safehold Inc., recognized as a leader in the modern ground lease industry since 2017, continues to innovate how real estate ownership is approached. By providing a platform that allows owners to unlock the value of land beneath their properties, Safehold facilitates higher returns with lower risk for various property owners, including those involved in multifamily, office, industrial, and mixed-use developments.

Wylder further noted, "We've continued to expand our investment into and support of the Affordable Housing industry. We're pleased our ground lease capital was helpful in CRP's efforts to move these projects forward." As Safehold endeavors to broaden its impact within the housing sector, it also positions itself as a significant player in achieving sustainable urban development goals.

Beyond enhancing housing options, Safehold aims to deliver consistent and growing income to its shareholders as a real estate investment trust (REIT). With further information on its Affordable Housing platform available on the company’s website, Safehold shows no signs of slowing down in its mission to reshape the real estate landscape for the better.

In conclusion, the recent ground leases signed by Safehold mark a substantial step towards addressing the pressing need for affordable housing in California. As the state grapples with housing shortages, initiatives like these become crucial, driving positive outcomes for communities and the economy alike. Safehold's pioneer approach not only benefits those looking for homes but sets a precedent for future developments across the nation.

For more information, visit www.safeholdaffordablehousing.com or explore Safehold's broader initiatives at www.safeholdinc.com.