VERDES DEL ORIENTE
SAN PEDRO, CA
Verdes Del Oriente involves the acquisition and rehabilitation of an existing 113-home affordable residential community, consisting of two-story residential garden-style and townhouse homes, including eight one-bedroom, 35 two-bedroom, 53 three-bedroom, and 16 four-bedroom apartments. Rents for this property are subsidized under a Section 8 Housing Assistance Payments Contract (HAPC), which requires all residents have incomes at or below 50 percent of area median income and residents will pay 30 percent of their income toward rent with the HAPC subsidizing the remaining rent.
Project amenities include a standalone clubhouse building with an expanded community room, business center/computer lab, free WiFi, fitness room, central laundry facility and an on-site management/leasing office. In addition, off-street parking, courtyard sitting area, large green areas with mature landscaping, fencing and security patrol are available. Common area upgrades include new roofs and gutters, new windows and sliding doors, security/safety upgrades including seismic valves on gas meters, upgraded site lighting, stairway repairs and ADA modifications.
Supportive social services at no cost to residents include after school programs and adult continuing education classes for residents. Additionally, the Boys & Girls Club located 0.3 miles from the property offers a variety of services to children ages 6 to 18.
This property was financed using the Low-Income Housing Tax Credit (Housing Credit). Financing for Verdes del Oriente was facilitated R4 Capital and R4 Capital Funding. The developer is an LLC entity owned by Orbach Affordable Housing Solutions, LLC (“OAHS”), an affiliate of The Orbach Group, LLC.