LA QUINTA, CA - Coachella Valley Housing Coalition (CVHC) is breaking ground today on a $90 million green affordable housing development to be built on nearly 15 acres in this upscale community near Palm Springs. When completed, it will provide 218 homes that will be affordable to families earning 35-50 percent of the area's median income (AMI), or approximately $30,000 per year for a family of four.
Wolff Waters Place, as it will be named, includes 22 buildings designed as townhomes, flats and garden apartments, each with a private outdoor patio or balcony. It is unique in that it targets large families, who often have the most difficult time finding affordable housing. Half the apartments have three or four bedrooms and will be offered at rents that are as much as 65 percent below market-rate apartments. The project will take nearly two years to be completed and expects to obtain LEED certification for its environmentally sensitive construction and design. LEED is the industry-standard green certification issued by the U.S. Green Building Council.
In addition to high-quality, affordable homes, the project will offer such services as ESL, art and nutrition classes, cultural programs, computer training classes, a parenting skills program, cultural awareness programs, a homeownership program, an aquatics program, an after-school program and summer camp programs. "It takes a committed city and a strong partnership to serve this region's neediest families and make a beautiful housing development such as Wolff Waters Place a success," said John F. Mealey, executive director of the nonprofit CVHC. "It is an honor to be working with the City of La Quinta and our committed funding partners to build this development for hard-working, low-income families."
The project site is located in La Quinta's Redevelopment Area No. 2, at Avenue 48 and Dune Palms Road. The city's Redevelopment Agency sold the project site to CVHC for $1 and made $30MM available to help fund the project. Additional funding comes from Citi and Wells Fargo, which invested $43MM in Wolf Waters Place through National Equity Fund, Inc. (NEF). NEF syndicated the project's federal low-income housing tax credits.
"All of us at Wells are so excited to be able to support this tremendous development," commented Bob Taylor, president of Wells Fargo Community Development Corporation. "Our affordable housing priorities are keenly focused on opportunities that meet pressing local needs and have a significant positive impact on residents. We think Wolff Waters Place is the kind of project and CVHC is the kind of partner that will more than deliver on both those scores," he said.
"Citi Community Capital is proud to partner with CVHC to finance Wolff Waters Place," added Andy Ditton, managing director of Citi Community Capital. "We are pleased to be part of this great project. Our role in Wolff Waters Place is representative of our strong, long-term commitment to community development in California and across the United States," he said. Rounding out the financing package are tax-exempt bonds issued by Citi as well as below-market loans from the California Department of Housing and Community Development and Riverside County Economic Development Agency.
"This is NEF's 14th project with CVHC, and we couldn't be more excited about the quality of the development and the impact it can have on this fast-growing community," said Joe Hagan, NEF president and CEO. "CVHC has, in effect, single-handedly driven affordable housing into this area. While so many have been focused on high-end real estate development, CVHC recognized that the people that make this community run could not afford to live here, not without affordable housing. CVHC has consistently addressed that challenge, year after year, throughout the Coachell
Source: PRNewswire.com