Woods Grove Apartments represents the acquisition and rehabilitation of an existing Low-Income Housing Tax Credit (Housing Credit) financed residential rental community located on a 4.2-acre lot in Pittsburg, California. The property was originally constructed in 1972 as a market rate rental property and substantially renovated in 1988. Thirty years later, it was again in need of substantial rehabilitation to modernize systems, replace roofs, gutters, downspouts, and siding, and replace appliances, windows, doors and upgrade bathrooms in all homes, as well as expand the community building to provide more community space for service provisions and resident activities.

Woods Grove consists of 8 one-bedroom, 32 two-bedroom, 28 three-bedroom and 12 four-bedroom homes in 12 two-story garden-style residential buildings. In addition, a one-story community building houses a management office and community room, maintenance shop, laundry room and a Head Start preschool program in the enlarged community space. Nine apartments are restricted to households earning 30 percent or less of the Area Median Income (AMI), two homes are restricted to households earning 40 percent or less of AMI and the remaining homes are restricted to households earning 60 percent or less of AMI.

This property was financed using the Low-Income Housing Tax Credit (Housing Credit). Financing for Woods Grove was facilitated by R4 Capital.