Casa de la Villa, Corona, CA

Affordable housing isn’t cheap.
But it is cost-effective.

Casa de la Villa Apartments is a 75-unit affordable multi-family apartment community located within a new master planned civic center in the city of Corona, California. With the property being located in such a high-profile location, it was important to the City that the property be designed and built with the highest quality. The property was completed in 2007 and has received widespread praise for its design and how significantly it has improved the condition of the neighborhood. The new community includes two- and three-bedroom dwelling units, private balconies/patios, laundry facilities, tot-lot, pool, courtyard areas and approximately 2,000 square feet of community space with an on-site leasing office. The structures are three-story wood framed and stucco buildings. 100% of the units at Casa de la Villa are affordable units restricted to tenants earning 60% of Area Median Income or less.

KDF pioneers the use of a residual
receipts loan in California.

KDF took over the development of this property from another developer who could not obtain the necessary financing. KDF used a unique financing structure that allowed the Corona Redevelopment Agency to pledge affordable housing funds to KDF so that KDF could obtain a residual receipts loan to be used for project development costs. KDF worked with CSCDA, who is one of the nation’s largest bond issuers, to use the RDA’s annual pledge to finance a $5.3 million tax-exempt loan used to finance project development costs. KDF was the first developer in the State of California to use this type of financing structure through CSCDA.