Clearinghouse CDFI (CCDFI) provided $102,000 in financing to Riverside Housing Development Corporation (RHDC). This loan will support the rehabilitation of a residential property into 3 units of affordable housing.
The housing crisis in California has grown exponentially. The current median home value in California is $758,360; a 21.1% increase from last year. RHDC works to combat the housing crisis by providing quality affordable housing to the community. Financing provided by CCDFI will allow RHDC to transform a 2-bed, 1-bath residence with detached garage into 3 separate 1-bed, 1-bath affordable housing units in Riverside, CA. This will accommodate 3 separate individuals or families at 50% AMI, 60% AMI, and 80% AMI.
RHDC is a nonprofit organization working to improve the quantity and quality of affordable housing opportunities in the area. RHDC provides single-family home ownership opportunities while also managing multi-family rental properties. Clearinghouse CDFI is proud to collaborate with RHDC on yet another loan providing affordable housing to those in need.
Download the PDF: Just Funded – Riverside Housing Development