The developer is BRIDGE Housing, a nationally recognized nonprofit that creates, owns and manages affordable housing in California and the West.
Phase I comprises 20 affordable apartments for households earning up to 80% of the area median income (approximately $53,600 for a family of four). Phases II and III offer 70 affordable apartments for households earning 30-60% of the area median income (up to $38,700 for a family of four), as well as 20 units designed specifically for seniors. Seven apartments are set aside for Project-Based Section 8 vouchers and filled on a referral basis from the Housing Authority of the County of Riverside. Madera Vista is located close to transit and amenities including two grocery stores, a hardware store, banks and other retail shops, along with several nearby large parks.
Financing for the total project costs of $32 million were provided by: the City of Temecula for all phases; Wells Fargo and the California Community Reinvestment Corporation for Phase II; the County of Riverside Economic Development Agency, Housing Authority of the County of Riverside, Citibank, National Equity Fund, California Debt Limit Allocation Committee for Phase III; and the California Tax Credit Allocation Committee for Phases II and III.
The architects were Irwin Pancake for Phase I and KTGY Group, Inc. for Phases II and III. The general contractors were Wermers Multifamily for Phases I and II, and Sun Country Builders for Phase III.
Among the expected speakers at the celebration: Riverside County Supervisor Chuck Washington; Temecula City Councilmember James Stewart; Jeff Bennett, Wells Fargo; Merle Malakoff, Citi Community Capital; John Chan, BBVA Compass; and Brad Wiblin and Jeff Williams, BRIDGE Housing.
For more information about BRIDGE Housing, visit bridgehousing.com.
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