River Oaks

Overview

Deal Type Construction
Low Income Housing Tax Credits
Size $43.3MM
CDLI Loan and LIHTC

Summary

Key Community Development Lending & Investment (CDLI) provided the financing for new construction of River Oaks, a 48-unit, affordable housing project in Plumas Lake, CA. The property will serve low-income families at or below 30% - 55% of AMI. Social programs designed to strengthen families will be offered to residents by the Central Valley Coalition for Affordable Housing (CVCAH). These programs will include financial literacy, computer training, on-site food cultivation and preparation, and several classes on topics such as nutrition, exercise, art, parenting, and more. We want to thank Pacific West Communities Inc. and Building Better Partnerships Inc. for their partnership and shared mission to build much-needed affordable housing in Plumas Lake, CA.­ ­

The financing included a $23 million construction loan and a $2.4 million permanent loan, and $18 million in tax credit equity.

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