CEDA Tax-Exempt Financing Borrower, Aspire Community Housing Organization, Completes Grandvillas Senior Housing Project
In June 2015, Aspire Community Housing Organization broke ground on Grandvillas Senior Housing, located in the City of Riverside, and celebrated the project’s grand opening on June 17, 2016. The California Enterprise Development Authority (CEDA) is proud to be one of the major funders (approximately $4.5 million) of this project which provides much needed affordable housing for seniors in the community.
Aspire’s (formed by Family Service Association Community Housing Development Organization, FSA) primary purpose is to develop affordable housing to create stable and vibrant communities for families, seniors and individuals with special needs who lack the economic resources to obtain quality affordable housing on their own.
Grandvillas is a model supportive program for enabling seniors to age in place. Through its direct relationship to FSA, Aspire will access homebound meals, mental health intervention, and other on-site services at this location. The bond financing allowed for new construction of the 37-unit senior apartment complex consisting of 19 two-bedroom and 18 one-bedroom units. A minimum of 20 percent of the units will be designated as affordable for low to moderate income qualifying tenants.
Click here to see a time-lapse video of Grandvillas Senior Housing’s construction.
For more photos of the project’s construction: https://twitter.com/aspirehousing.
Progress as of April 2016