LIIF has closed several loans to Visionary Home Builders of California (VHB) for their Manzanita Villas project in Rescue, California. Our organization provided a $2.875 million secured acquisition loan and a $750,000 unsecured predevelopment loan — which included Golden State Acquisition Fund (GSAF) dollars that enabled lower capital costs for VHB and lower balance-sheet risk for LIIF.
Once constructed, Manzanita Villas will feature 100 units of affordable housing in a region grappling with a severe housing shortage. The development will target families with annual median incomes (AMIs) between 30% and 80%, who have been increasingly squeezed by Rescue’s lack of affordable units. Impressively, 42% of the units will have three or four bedrooms — a rarity among affordable developments —and critically will include a community center and a co-located Head Start child care facility.
VHB originated in 1983 as a small initiative among farmers living in public housing in the San Joaquin Valley who wanted to strengthen public housing for other Central Valley farmworkers. VHB is now a leading nonprofit housing developer with a mission to create healthy, vibrant, safe communities through affordable housing and educational opportunities for families, seniors and individuals of low and moderate income.
Once constructed, Manzanita Villas will feature 100 units of affordable housing in a region grappling with a severe housing shortage.