Heritage Villas | Courtesy a representative of WNC

$11M Affordable Renovation is Complete

Carrie Rossenfeld Multifamily

Jamboree Housing Corporation has completed the renovation of Heritage Villas, a 143-unit affordable housing community for seniors aged 62 and older at 26836 Oso Parkway in Mission Viejo, California, according to a release from a representative of WNC, which provided approximately $11.2 million in low-income housing credit equity to help fund the project. WNC is described in the statement as a leading provider of investment, asset management and development services in the affordable-housing industry.

According to the release, Jamboree helped construct the property in 2000 and served as the developer of the renovation, which took approximately three months to complete. The community is comprises 128 one-bedroom units and 15 two-bedroom units and offers community amenities including on-site management, a community room, a laundry facility, a computer/business center, a fitness center, a library, a swimming pool, a jacuzzi spa, an elevator, a picnic area, and social services/activities.

Michael Gaber, COO of WNC, says in the statement, “The demand for affordable housing in Orange County consistently outpaces the development of new supply, resulting in a critical need to protect and rehabilitate existing communities in the area.” He adds this his firm has collaborated with Jamboree on numerous projects over the years.

While, as SoCal Real Estate recently reported, home affordability is at its worst level in a decade, strides are being made to provide affordable housing to the market.