224-Unit Affordable Senior Housing Community Opens

224-Unit Affordable Senior Housing Community Opens

IRVINE, CA - WNC, a national investor in community renewal and affordable housing projects, in partnership with USA Properties Fund, has announced the grand opening of Vintage at Snowberry Apartment Homes. The 224-unit community will address the extensive need for affordable housing among seniors in Riverside County. WNC provided $9 million in Low Income Housing Tax Credits (LIHTC) financing for the project, which was developed by USA Properties Fund.

“There remains a dearth of affordable housing options for Riverside County’s large community of senior citizens,” said Will Cooper, Jr., chief executive officer of WNC. “This project was developed and leased up in an unprecedented 16 months and represents an important milestone in filling this substantial void.”

According to USA Properties Fund, the $32 million development will also provide a positive economic impact to the Riverside community, supporting 170 construction jobs during development and 72 ongoing local jobs directly related to Snowberry’s operation.

The 10-acre property features spacious one- and two-bedroom apartment homes in five distinct floor plans. Located at 8402 Colorado Avenue in Riverside, the gated community offers the following features:

  • Fully furnished kitchens with energy efficient appliances, full-size washer/dryer hook-ups and walk-in closets
  • Extensive on-site amenities, including a spacious clubhouse, fitness area, pool and spa area, business center, laundry facilities and covered parking

Vintage at Snowberry is also conveniently located in close proximity to Riverside’s many shopping, dining and public transportation options.

“These beautiful, Spanish colonial style apartments will enable seniors to thrive within a vibrant community of their peers,” said Geoffrey C. Brown, president of USA Properties Fund. “With extensive amenities, mountain views and a central location, Vintage at Snowberry offers residents a vital mix of luxury, affordability and independence.”

Vintage at Snowberry celebrated its grand opening and ribbon cutting on May 2 with U.S. Congressman Ken Calvert and Riverside City Councilmember Chris MacArthur on hand to welcome residents to the new community and show support for affordable housing projects.

Financing partners for the project included WNC, The City of Riverside, Riverside County Department of Mental Health, Wells Fargo Bank and Citi Community Capital.

The LIHTC program is an indirect Federal subsidy used to finance the development of affordable rental housing for low income households.

WNC & Associates, Inc., founded in 1971 and headquartered in Irvine, Calif., is a nationwide investment firm specializing in Low Income Housing Tax Credits and New Market Tax Credits. To date, WNC has acquired over $5 billion of assets totaling more than 1,050 properties in 45 states. Additionally, WNC has been awarded four NMTC allocations to date totaling $178 million and has facilitated development of 15 community renewal projects. WNC’s investor base exceeds 19,500 institutional and retail clients, including Fortune 500 companies, multinational banks, and insurance companies.

USA Properties Fund, Inc. (USA), a California corporation, is a privately owned real estate development organization specializing in the creation of outstanding senior and family communities. Founded in 1981 and headquartered in Roseville, USA provides a full range of capabilities for community development, including financing, development, construction services, rehabilitation and property management. Our values, leadership and team structure reflect our success with the development of over 10,000 units of family and senior apartments in over 72 communities throughout California and Nevada.

Source: WNC / #LIHTC #Finance

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