
As a follow up to its success in stabilizing and revitalizing neighborhoods which are predominately four-plexes and are gang and crime riddled and blighted due to fractional and absentee ownership, the City of Rialto has focused on West Jackson Street. It was the worst in the City in terms of police calls for service and crime and code enforcement infractions.
The Opportune Companies already acquired and completed a major rehabilitation of 42 units plus built one new building to give us a total of 46 units. We also added a new playground, open space and a new community center with an after school learning area. This gave us a majority interest and allowed us to create a homeowners association to transform and manage and control the entire block. This has stabilized the entire area and surrounding community. We used tax exempt bonds and tax credit equity to leverage the City's gap loan.
The homes are provided to families whose incomes are at 50% and 60% of the area median income. Resident social services will be provided to all residents as well as planned activities, events, and seminars. |