Exciting news out of Riverside County, California: affordable housing is moving forward in a community that has been chronically under-supplied for years.
We’re pleased to share that LIIF closed recently on a $1.5 million unsecured predevelopment loan for Beaumont Apartments, a 66-unit affordable housing development at 6th Street and Xenia Avenue in Beaumont, Riverside County, California. The project sponsor is Community HousingWorks, an affordable housing developer with an established track record across California and Texas.
Beaumont Apartments will serve low- and very low-income families, with units affordable to households earning between 30% and 80% of area median income (AMI). Most critically, the project will advance much-needed housing supply in a high-need but undercapitalized area of Riverside County and the Coachella Valley.
We’re proud to deepen our ongoing partnership with Lift to Rise, which is participating in 50% of the loan amount. Our collaboration helps expand capital availability, share risk, and move regionally significant projects forward.
Congratulations to Community HousingWorks and thank you to Lift to Rise for their continued partnership in building a stronger, more affordable Riverside County.