Boston Capital announced it is investing in the construction of Riverwalk Apartments, a 21-unit affordable housing development for families in Santa Cruz, Calif.
The community, which is being developed by For the Future Housing of Campbell, Calif., will feature four one-bedroom, seven two-bedroom, and 10 three-bedroom units available to families earning no more than 60 percent of the area median income.
Amenities will include a community building featuring office space, a kitchen, computer area, and laundry room as well as bicycle lockers and carports. The three-story development's design will include sustainable building/green practices and utilize Energy Star appliances and water-saving faucets and fixtures.
Residents will have access to supportive services, including free classes such as resume building, employment skills, computer skills, and financial literacy. The development is located close to transportation routes, shopping, schools, and community services.
Financing for Riverwalk Apartments includes low-income housing tax credits syndicated by Boston Capital. The firm has invested in approximately 13,075 units of affordable housing in California.
The construction of the development will generate an estimated $2.1 million in local salaries and create more than 32 new jobs in the Santa Cruz area.