Built in 1974, Poway Villas has been rehabbed and preserved as affordable housing by Community HousingWorks.
The creative financing for the $18.3 million project included working with the seller so a portion of the acquisition cost would be financed with residual receipts.
Improvements include the addition of a community building. “Residents were becoming more isolated,” says Anne Wilson, senior vice president of housing and real estate development at Community HousingWorks. “There was a need for gathering spaces.”
The improvements at the Southern California property focused on water-saving features and resident health, including a walking/running path with exercise stations.
Major improvements have been made, including renovating apartments and increasing energy efficiency.