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Oakcrest Heights receives tax credit allocation of $15.8 million; Construction to begin before the end of the year

Jun 22, 2016 | Affordable Housing, Development & Construction, News Releases, Poverty

YORBA LINDA, Calif. – National Community Renaissance (National CORE), one of the nation’s largest nonprofit community builders, will receive more than $15.8 million in federal tax-credit financing which will yield more than $17 million in equity financing to help build attainable housing for low- to extremely low-income individuals and families.

Construction on the 54-unit Oakcrest Heights/Savi Ranch II project is expected to begin before the end of the year following this week’s announcement that it has been approved for 9 percent tax-credit financing under the federal Low-Income Housing Tax Credit program.

“We’re thrilled to be able to fill a critical need for attainable housing in Orange County, and appreciate the support we’ve had from the start from the City of Yorba Linda and our other partners,” said Steve PonTell, President and Chief Executive Officer of National CORE.

Oakcrest Heights is one of two National CORE communities in the Savi Ranch neighborhood. This fall, the first move-ins are expected to take place at Oakcrest Terrace, a 69-unit apartment community designed to meet the needs of four high-priority market segments: the locally employed, families, seniors, and veterans.

Oakcrest Heights will be offered to households classified as low-income, very low-income and extremely low income. A number of the units will be set aside for older adults or transitional age youth moving out of foster care and into permanent independent living.

“Housing communities such as those we’re building in Savi Ranch 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, afterschool, senior wellness and upward mobility programs. For more information on both organizations, please visit www.nationalcore.org.

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