Affordable Seniors Housing Opens in Riverside, CA

The 224-unit Vintage at Snowberry Apartment Homes, an affordable seniors housing project in Riverside, Calif., developed by USA Properties Fund, has opened fully leased. The 10-acre gated community, done in a Spanish colonial style, features one- and two-bedroom apartment units.  Each unit features furnished kitchens with energy-efficient appliances, full-size washer/dryer hook-ups and walk-in closets. Common area amenities include a clubhouse, fitness area, pool and spa area, business center, laundry facilities and covered parking.  Irvine-based WNC & Associates Inc. partnered with USA Properties Fund in the financing of the development, which used $9 million in Low Income Housing Tax Credits (LIHTC). WNC is an investment firm specializing in LIHTC and New Market Tax Credits. Other financing partners included the City of Riverside, Riverside County Department of Mental Health, Wells Fargo Bank and Citi Community Capital.

MHNonline.com

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