Village Oaks and Casa Del Sol Two developments financed on a behalf of a joint venture between developer Southport Financial Services and Community Development Trust (a national affordable housing REIT) will bring a combined total of 197 homes at approximately 40% of AMI to Northern California.
A $4,207,500 acquisition loan to Southport will develop Village Oaks (pictured), 116 affordable apartments for families in 13 two-story walk-up buildings. The 16 two-bedroom, 80 three-bedroom, and 20 four-bedroom homes offer amenities on par with local market rate-buildings. The project is located in Victorville.
An additional $3,712,500 in acquisition financing will support Casa Del Sol Apartments in Hanford, Kings County, with 81 affordable homes under a similar scheme.
Kester Apartments $5,253,750 in construction financing to developer Topanga Managing Partners will bring 22 workforce homes to Van Nuys.