CLAREMONT VILLAGE

LOS ANGELES, CA

Claremont Village, originally constructed in 1970, is the acquisition and rehabilitation of an existing Low-Income Housing Tax Credit (Housing Credit) community in Claremont, California. It is situated on approximately 9 acres and includes 15 two-story residential buildings and 3 one-story common area buildings (one leasing office and community building and two laundry facility buildings). There are a total of 150 homes comprised of 56 two-bedroom apartments and 94 three-bedroom apartments with one three-bedroom apartment set-aside for the property manager.

In addition to the affordability provided by the equity from the Housing Credit, the property is subject to a twenty-year HUD Section 8 Housing Assistance Payments Contract on the homes, allowing for even higher affordability for residents. Residents pay no more than 30 percent  of their income for rent and the remainder is paid by HUD as rental subsidy. Ninety-five homes are restricted to households with incomes of 50 percent or less of Area Median Income (AMI) and 54 are restricted to 60 percent of AMI.

Common area amenity improvements include a playground, basketball court, two central laundry facilities, and a clubhouse with a business center. Security features include perimeter fencing, secured and gated property access and on-site management.

This property was financed using the Low-Income Housing Tax Credit (Housing Credit). Financing for Claremont Village was facilitated by R4 Capital. The developer is MRK Partners Inc.