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PepperWood Apartment Homes
 



 

 

 

 

 

Acquisition Rehab

Rancho Cucamonga is set in one of the state’s fastest growing regions and is also home to some of California’s most rapidly growing rents. Through the acquisition of the PepperWood Apartment Homes in 2006, LINC was able to make 230 previously market-rate homes affordable to Rancho Cucamonga families who were at risk of being priced out of their neighborhoods during the city’s new wave of prosperity. The PepperWood Apartment Homes are situated on the city’s primary retail corridor and is only minutes away from the new downtown shopping and entertainment center, Victoria Gardens. As Rancho Cucamonga’s taxable retail sales approach $2 billion annually, the PepperWood Apartment Homes will become a critical piece of the region’s jobs-housing balance.

The PepperWood Apartment Homes is the first transaction in industry history to be financed by a nonprofit bond conduit. LINC is leading the way with an innovative approach to project financing, which in 2007-2008 is expected to facilitate $100 million of tax exempt bonds for the production of 2,000 affordable homes. We are currently exploring a partnership with a local homeless services agency in an effort to make units at Pepperwood available to formerly homeless families. Our work at Pepperwood is also reducing the site’s environmental impact along with our residents’ utility bills by including healthy and efficient materials that have improved energy consumption 20% since we began the rehabilitation.