Faring, Standard to invest $2b in middle-income housing

Faring, a West Hollywood–based real estate development firm, and Standard Communities, a multifamily housing division of New York City–based Standard Cos., plan to invest more than $2 billion of middle-income housing across California during the next 18 to 24 months.

The plan calls for the developers to purchase and convert existing buildings using tax-exempt bond financing through the California Statewide Communities Development Authority's Workforce Housing Program.

"By focusing on middle-income housing, California cities can ensure that middle-income families and essential workers such as first responders, hospital and healthcare staff, and teachers can afford to live near their jobs in the communities they serve," said Jeffrey Jaeger, Standard Communities principal and co-founder.

The partnership recently created more than 650 units of dedicated middle-income housing in Southern California with a total capitalization of more than $400 million.