Breezewood Apartments, Riverside, CA

Neighborhood of four-plexes now under
common ownership.

This is a 156-unit, 100% affordable property that we purchased in 2003 from the Riverside County Housing Authority.  KDF performed a successful $1.4 million renovation of the property.  The property consists of 39 four-plexes on two cul-de-sacs.  The County had taken the units 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 at the community center that provides classes on parenting and computer skills for adults, and homework assistance and activities including an outdoor theater for kids. 

Financing the income stream from
Riverside’s RDA.

The transaction required a gap loan of approximately $3 million, and we were able to finance an income stream from the City of Riverside’s RDA to obtain that financing.  A portion of the project’s cash flow goes to repay the loan. 

A new sense of community.

After the four-plex properties were put under common ownership and the community room was completed, a new sense of community started to form.  Kids began to play with other kids in the community.  Parents started to talk to other parents.  The clean and renovated exterior of an affordable housing property has been an obvious benefit to anyone who drives by but what isn’t as readily apparent is the sense of community that comes from neighbors who share community activities and live side by side for many years.

Reference: Paul Sundeen, City Treasurer, 951-826-5660.