FRESNO, CA (April 10, 2018) – Today, EAH Housing announced the acquisition of Village at Kings Canyon in Fresno, California. The property has 48 units, including one-, two- and three- bedroom apartments. Approximately 125 people live at Village at Kings Canyon, including many families and people with developmental disabilities.
“The residents of Village at Kings Canyon can be assured that the property will not be at risk in the future of losing its affordability status,” said Welton Jordan, vice president of real estate development at EAH Housing. “We are grateful to our partners for their roles in helping us preserve the property.”
The property was built in 2005 by Opportunity Builders. It was originally financed by the City of Fresno through HOME Funds, a federal program to help finance low income housing and the Low Income Tax Credit Program. The City of Fresno agreed to allow EAH Housing to assume the HOME loan and the remainder of financing was provided by Rabobank, N.A.
“Rabobank is committed to communities grounded in agriculture like Fresno,” said Justin Williams, community development finance relationship manager at Rabobank, N.A. “We’re proud to play a role in this transaction and help EAH Housing provide quality affordable housing in the region.”
California’s housing crisis is spreading to Fresno as its rental market demand outpaces its supply, making affordable housing even scarcer. According to Apartment List’s March 2018 Rent Report, rents in Fresno have increased significantly, by almost 6% year-over-year.
“As the local economy grows, we do not want to see our residents, especially our most vulnerable, displaced due to rising rents,” said Corrina Nunez, project manager at the City of Fresno. “We’re glad that EAH Housing stepped forward to ensure affordable housing for the residents of Village at Kings Canyon for the longterm.”
EAH Housing, a nonprofit organization, is celebrating its 50th anniversary and will continue its mission to develop, manage and promote quality affordable housing and sustainable diverse communities. The organization serves 20,000 people every day - working families, disabled people, veterans, and seniors in California and Hawaii.
About EAH Housing
Established in 1968, EAH Housing is one of the largest and most respected nonprofit housing development and management organizations in the western United States. EAH develops low-income housing, manages more than 110 properties in 55 municipalities in California and Hawaii, and plays a leadership role in local, regional and national housing advocacy efforts.