Eric Paine, Chief Executive Officer of Community Development Partners, says, "Our mission is to not only provide housing, but create healthy and engaged neighborhoods. We are pleased with how El Rancho del Arte is becoming a community hub and look forward to delivering a second phase that continues the mission."
The project was partially financed by the sale of 9% Low Income Housing Tax Credits awarded by Arizona Department of Housing (ADOH) in 2015. The tax credit investor is Alliant Capital. A construction and permanent loan from Chase bank, HOME and Housing Trust Funds from ADOH and a HOME Loan from the City of Mesa, along with an acquisition/pre-development loan from Local Initiatives Support Corporation (LISC) financed the remaining project costs.
About Community Development Partners
Founded in 2011, Community Development Partners develops and operates sustainable, life-enhancing affordable housing with a focus on long term community engagement and innovative design. The company is based in Orange County and has developed or currently operates properties in Arizona, California, and Oregon. For more information, visit: communitydevpartners.com.
Contact: Beth Binger
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SOURCE Community Development Partners