Courtesy of city of Paramount
California State Treasurer Fiona Ma joined members of the Paramount City Council and others on Friday, March 25 at the ribbon-cutting to open a 306-unit workforce housing development in the City.
The Enclave represents a partnership between the city, the California Municipal Finance Authority, and BLDG Partners that provides housing relief to “missing middle” residents. The phrase “missing middle” describes individuals with professional jobs such as teachers, health care providers, and first responders who are at the beginning of their careers and, as such, the beginning of their pay scales.
Traditionally, there have not been programs that help with the cost of housing for these individuals; this program does. Besides offering an affordable housing option, it also makes it easier for people to live in the city where they work.
A special aspect to the program is that CMFA will donate $125,000 to be split among three non-profits of the City’s choosing that offer residents valuable social services: Pathways Volunteer Hospice; Su Casa, Ending Domestic Violence; and Community Family Guidance Center.
Paramount was the last city in the state to take advantage of this initiative, as the financing has been entirely based on the bond market and interest rates, and, according to CMFA, the rising bond market does not make this kind of project feasible in the future.