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    $102k in Funding for Rehabilitation of Residential Property into Affordable Housing in Riverside, California

Riverside Housing Development Corporation – Riverside, CA

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

Financing Provided:
$102,000 Refinancing
Riverside, CA
- Transforms a 1-bed, 1-bath residence into 3 units of affordable housing
- Provides affordable housing for individuals or families at 50% AMI, 60% AMI, and 80% AMI
Refinancing to support rehabilitation of residential property to create 3 units of affordable housing
Year Funded:
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