Neighborhood of four-plexes now under common ownership. Gap loan from the City of Riverside’s Redevelopment Agency (RDA) helped secure the acquisition and complete the rehab.
Breezewood is a 156-unit, 100% affordable property purchased from the Riverside County Housing Authority in 2003. Following the acquisition, KDF performed a successful $1.4 million renovation of the property. The property consists of 39 four-plexes which the County had taken over from individual owners to clean up a serious crime problem.
In order to create more of a neighborhood atmosphere, KDF constructed a community center as part of the renovation. Project Access, the service-providing arm of Affordable Housing Access, operates a Family Resource Center that provides classes on parenting and computer skills for adults, and after-school programs for kids. The transaction required a gap loan of approximately $3 million from the City of Riverside’s Redevelopment Agency. A portion of the project’s cash flow goes to repay the loan.
156-unit affordable apartment community located in Riverside, California