Affordable Housing

Sierra Pines Apartments

  • Location
    • Riverside, CA
  • Size
    • 120 Units
  • Cost
    • $7,515,000
  • Established
    • July 2001

Overview
The Sierra Pines project involved the purchase and renovation of a 120 unit apartment building in Riverside, California. Sierra Pines is owned and operated by Provident Housing Resources, Inc. (“PHR”), a wholly-owned subsidiary of Provident Resources Group, Inc. (“Provident”), which was created in order to purchase, operate and maintain affordable housing. The complex is comprised of 60 one-bedroom units and 50 two-bedroom units.

Financing
The project involves both senior and subordinate debt financing. PHR acquired financing through tax-exempt revenue bonds issued by the City of Riverside, California.
· Multifamily Housing Revenue Refunding Bonds (Sierra Pines Apartment Project) Series 1991A: $7,515,000
Through a credit agreement and the use of total return swaps, both risk and interest rate expenses are able to be reduced.

Awards and Recognition
Sierra Pines was nationally recognized by the National Affordable Housing Management Association as a 2008 National Community of Quality.

Community Impact
The property must hold 75 percent of the units reserved for persons with income at 80 percent of Average Median Income (AMI) in addition to 20 percent of the units reserved for persons with income at 50 percent AMI. This provides lower income residents with the ability to live both comfortably and affordably. However, Provident is dedicated to providing more than just affordable housing. To ensure high quality community life, Provident operates its Service Enriched Housing Program. The program is designed specifically for the property’s residents to ensure they have access to the services they need to create a safe and stable environment while providing opportunity and support for the realization of individual goals and aspirations. The Service Enriched Housing Program provides residents with access to a range of programs and services sponsored by local and national organizations, which can effectively address social problems such as abuse. The program can also enhance the quality of life for residents by improving access to education, employment, childcare, healthcare, transportation and more.

Management
Sierra Pines is managed by Provident Resources Management LLC.


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