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Mountain View Senior Apartments

With 86 one- and two-bedroom apartments arranged around a swimming pool and community center, the Mountain View Senior Apartments offer affordable housing for individuals over 55 earning between 30 and 60 percent of the Riverside County, California, median income. The City had purchased the parcel for commercial revitalization, but had been unable to attract any interest from the development community until the site was rezoned for residential use.
The City retains ownership of the land, which is leased to developer Simpson Housing Services for a 55-year period. Lease payments are based on residual cash flow after operating expenses and debt services have been paid.  Among other sources, financing for the development came from tax credit equity from the state of California, as well as $487,000 in HOME funds issued through the Ontario Redevelopment Association.

Image and case study courtesy of Urban Land Institute Development Case Studies.