Integrity Working on Affordable Housing in Ventura
Riverside Apartments will feature 23 units and will incorporate sustainable construction best practices. The project is being developed in partnership with MW Development.
By Laura Calugar
A rendering of Riverside Apartments in Ventura, Calif.
Integrity Housing, along with MW Development Inc., have closed on the property that will house the Riverside Apartments in Ventura, Calif. The 23-unit affordable community will be built on a one-acre site, formerly used for lumberyard storage. Designed to serve low-income families with children, the property is being built by Judson Builders Inc., designed by J.E. Armstrong Architects Inc. and will be managed by FPI Management Inc.
Located at 691 Riverside St., the property will be less than two miles from downtown Ventura, adjacent to the Ventura Bike Path and less than a block from Sheridan Way Elementary School. Riverside Apartments will consist of 22 two- and three-bedroom units for tenants and one manager’s unit. Amenities will include a community room, laundry room, playground, a mini soccer field and a picnic area.
With an emphasis on energy and water conservation, Riverside Apartments will incorporate photovoltaic solar panels on the roof, solar hot water heating and rainwater harvesting to water the landscaping. The units will feature Energy Star appliances, LED lighting, high-efficiency heating and energy-conserving windows and insulation. Wherever possible, the property will incorporate recycled and repurposed materials. Construction is anticipated to be complete by November 2018.
Complex financing
Ventura Riverside Apartments owns Riverside Apartments. The LP consists of MW Development Inc. (as administrative general partner), Integrity Housing (as managing general partner) and Aegon (as investor limited partner) with $3.2 million in Low Income Housing Tax Credits. JPMorgan Chase Bank is the construction lender for $7.2 million, CalHFA is the bond issuer of $5.4 million in bonds along with a soft loan of $300,000. The Housing Authority of the City of San Buenaventura awarded 10 project-based Section 8 vouchers. The fiscal agent is US Bank.
“Riverside Apartments will be one of our most rewarding projects. Not only will the project itself be an asset to the community, the long road to close on the project has been a major undertaking,” said Integrity Housing Executive Vice President & Founder Anjela Ponce, in a prepared statement.
Last year, Integrity Housing opened Olivera Senior Apartments, an 84-unit affordable community in Pomona, Calif.
Image courtesy of Integrity Housing
