Although our homeownership financing and education programs have been successful, the greatest need in our community is the development of new affordable housing. The Affordable Housing Clearinghouse works with cities and developers to obtain helpful information on affordable homes for our clients.
Upcoming Projects
In addition to our home loan activities, we are now in the planning stages of two development projects that will provide new homes for low-income households.
Picadilly Affordable Homes, Anaheim
The Affordable Housing Clearinghouse and Mary Erickson Community Housing have partnered with the County of Orange to construct affordable homes on a County-owned parcel in the City of Anaheim. The County will donate the land, and we are currently obtaining a construction loan. We have been awarded funds from the State Attorney General for this project. The homes will be sold to low-income first-time homebuyers.
Mustang Affordable Homes, Rubidoux Unincorporated Area of Riverside County
The Affordable Housing Clearinghouse and Mary Erickson Community Housing are co-developers on this project. We have finished the acquisition and assemblage of a parcel of land in Riverside County, and we are currently processing entitlements to construct seven single-family homes on the site. The site is a blighted, vacant lot in the unincorporated Rubidoux area, a targeted redevelopment area of Riverside County. The Riverside County Economic Development Agency provided an acquisition loan for the project. We applied for and were awarded subsidy from the State BEGIN program for new construction of affordable homes. The homes will be sold to low-income first-time homebuyers.
Previous Projects
Fair Oaks Court, Pasadena
Our direct lender affiliate, the Clearinghouse CDFI, provided a loan to Heritage Housing Partners to construct 44 affordable homes for sale in Pasadena. The homes are complete. The Affordable Housing Clearinghouse is working with the homebuyers to assist them in qualifying for the loans through the Clearinghouse CDFI. The homebuyers will receive CalHFA loans and downpayment assistance.
Olive Court, Long Beach
Olive Court is a mixed-income condominium project in the City of Long Beach. Our direct lender partner, the Clearinghouse CDFI, is currently selling the homes. The sales prices are under $375,000, and a subsidy of up to $186,000 is available from the City of Long Beach. The Affordable Housing Clearinghouse is assisting the homebuyers with purchase financing. For more information, go to www.olivecourt.com.
Affordable Homes, Riverside
Mary Erickson Community Housing built six detached homes in the City of Riverside for sale to low- and moderate-income first-time homebuyers. The Affordable Housing Clearinghouse partnered with Mary Erickson Community Housing to market the units, receive applications, assist in the eligibility review and selection process, provide homeownership education, and assist the buyers with obtaining a home loan.