National CORE received an allocation of $32,250,000 in bonds from the California Debt Limit Allocation Committee (CDLAC) and an allocation of tax credits, resulting in equity of $35,179,965 for the new Oak View Ranch development in Murrieta. To finance this phase, National CORE’s development team utilized a complex hybrid financing structure, applying for both 4% and 9% low-income housing tax credits and tax-exempt bonds, and splitting ownership of the phase between two separate entities.
Located in the historic downtown neighborhood of the City of Murrieta, Oak View Ranch will transform underutilized agricultural land into a vibrant, neighborhood-serving affordable apartment community for families and seniors. The first phase of the development will provide 119 high-quality apartment homes for low-income families and will begin construction in 2023. The Hope through Housing Foundation will work onsite with the local Boys and Girls Club to provide services for children, teens, and families. Amenities will include a new community center, a swimming pool, a playground, basketball courts, outdoor fitness areas, BBQ areas, and a community garden.
The second phase of Oak View Ranch will provide an additional 81 apartment homes for seniors and additional community amenities. National CORE’s development team will apply for financing on this phase in 2023.