Loan Amount: $1,110,000
Developer: Canyon Cove Seniors, Inc.
The Canyon Cove Housing Apartments is an existing 21-unit multifamily development built in 1985 providing 21 affordable housing units (100% of total) restricted to tenants with household incomes not exceeding 50% of the area median income, featuring one-bedroom units in six buildings for seniors. It targets senior households, with all units subsidized through Section 202 Supportive Housing for the Elderly program, offering supportive services for aging in place. The property is unique for its long-term HAP contract renewal and substantial rehabilitation to extend its life, focusing on very low-income seniors averaging 35% AMI.