EDA Annual Report 2013-2014

Housing Highlights

Fiscal Year Accomplishments • $1.5 million in HOME funds and $1.1 million in former Redevelopment Agency for the County of Riverside housing funds were invested for the development of 153 affordable rental housing units for low-income families, farmworkers and teens that have aged out of foster care and at-risk of homelessness. • $1.5 million in former Redevelopment Agency for the County of Riverside housing funds assisted in the redevelopment of 7 single-family homes. • 17 homebuyer households in Riverside County received tax credits totaling $635,000 in Mortgage Credit Certificates. • $2 million was provided in first time homebuyer assistance for 36 family households to obtain the American dream of homeownership. • Approximately $7 million in NSP funds were expended for the acquisition, rehabilitation and resale of 30 foreclosed homes. • 20 low-income homeowners were assisted with approximately $127,000 through single-family housing rehabilitation programs.

In Fiscal Year 2013-2014, EDA / Housing invested $2.6 million for the development of 153 affordable rental housing units; provided $1.5 million for redevelopment of seven single-family homes; issued $635,000 in mortgage tax credits to 17 homebuyer households; utilized $2 million in homebuyer assistance for 36 low-income family households; expended $7 million in NSP funds to acquire and rehabilitate 30 foreclosed homes; and assisted 20 homeowners with $127,000 in rehabilitation assistance in Riverside County.

Villa Hermosa Apartments (formerly Fred Young Apartments) – Indio, CA – EDA / Housing provided $1,000,000 in HOME funds for the development and new construction of an 85-unit multi-family housing complex for low-income farmworker households in the City of Indio. A total of 32 units are restricted to very low-income households and 9 units are restricted to extremely low-income households.

Pueblo Nuevo Apartments – Coachella, CA – EDA / Housing contributed $500,000 in HOME funds for rehabilitation of a 50-unit apartment complex for low-income farmworker households in the City of Coachella. A total of 6 units are restricted to very low-income households and 5 units are restricted to extremely low-income households.

Operation Safehouse – Thousand Palms, CA – EDA / Housing provided $1,100,000 in former Redevelopment Agency for the County of Riverside housing funds to construct 18 units to house teens between the ages of 18 to 24 that have aged out of foster care and are at-risk of homelessness. The project is adjacent to a campus facility which will provide life skill services, drug abuse prevention counseling, individual group counseling, and job seeking assistance. A total of 8 units are restricted for extremely low-income teens.

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