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National CORE receives more than $2 million in AHP funding to support affordable housing development in Southern California

Jun 28, 2016 | Affordable Housing, Development & Construction, News Releases

RANCHO CUCAMONGA, Calif. – National Community Renaissance (National CORE), one of the nation’s largest nonprofit community builders, was awarded more than $2 million in grants from the Federal Home Loan Bank’s Affordable Housing Program (AHP).

The money will be used to support National CORE housing developments in Oceanside and Yorba Linda.

“We appreciate the Federal Home Loan Bank’s commitment to affordable housing, which is essential to the health and well being of any community,” said Steve PonTell, President and Chief Executive Officer of Rancho Cucamonga-based National CORE.

The three National CORE projects selected for funding were among 85 AHP awardees in 11 states and the District of Columbia. Combined, the $76 million that was awarded will create more than 6,300 units of affordable housing.

The selected National CORE projects are:

Mission Cove Family I in Oceanside, which was awarded $890,000, and the adjoining Mission Cove Family II, which was awarded $590,000. The Mission Home communities consist of 150 rental homes for families, seniors, veterans and special needs residents, and are part of a transformational mixed-use development that includes attainable housing and more than 10,000 square feet of commercial, business and professional office space.

Oakcrest Heights/Savi Ranch II in Yorba Linda, which was awarded $530,000. The 54-unit community is aimed at households classified as low-income, very low-income and extremely low-income. A number of the units will be set aside for transitional age youth and adults moving out of foster care and into permanent independent living.

“Housing communities such as these are transforming lives by providing quality shelter and life-changing human services that promote upward mobility and financial independence,” said Ciriaco “Cid” Pinedo, President of the Hope through Housing Foundation, National CORE’s social services partner.

 

About National CORE

National Community Renaissance, based in Rancho Cucamonga, Calif., is one of the nation’s largest nonprofit developers of affordable housing. National CORE manages nearly 9,000 affordable, senior and market-rate units in California, Arkansas, Texas and Florida. Over the past two decades, its social services partner, Hope through Housing Foundation, has provided more than 2 million hours in supportive services to enhance quality of life, including preschool, after-school, senior wellness and upward mobility programs. For more information on both organizations, please visit www.nationalcore.org.

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