Focusing not on what is best for the developer but what is best for the community.
Sunrise Terrace Apartments is comprised of two apartment communities totaling 182 units. The properties consist of two, three, and four-bedroom units. The unit mix was developed after talking to the City and determining that the City’s primary housing need was large apartment units targeting low-income families. Most of the affordable housing that had been built in the City at the time consisted of smaller units and age-restricted (senior) units. Both phases of Sunrise Terrace were completed in early 2008. The properties include amenities specific to families including pools, children’s playgrounds, a large community room and large grassy areas with barbeques. 100% of the units at Sunrise Terrace Apartments are affordable units restricted to tenants earning 60% of Area Median Income or less.
Developing affordable housing often takes multiple sources of financing. The financing of Sunrise Terrace was no different. Even after the City of Hesperia’s commitment to significant financial assistance, a funding gap still existed. Only one practical source of funding was potentially available to cover this financing shortfall but the competition for this money was strong. The funding source KDF needed to obtain in order to fill the funding gap was HOME funds from the State of California’s Housing and Community Division (HCD). HOME funds are typically oversubscribed by a ratio of 4 to 1, which essentially means that HCD receives four financing applications for every one project that gets awarded HOME funds. In partnership with the City, KDF submitted a HOME application in 2004 for Sunrise Terrace and received an award. Based on the success of Sunrise Terrace I, KDF worked with the City again in 2005 and beat the odds to obtain a second HOME award for Sunrise Terrace II.
Two-phase property comprised of 199-units located in Hesperia, California