Community Development Partners opens El Rancho Del Sol

Real Estate | 9 Nov, 2017 |

Community Development Partners celebrated the grand opening of El Rancho Del Sol in Mesa, AZ.  The ribbon cutting ceremony took place at 659 & 701 E Main St., and included speakers Mayor John Giles from the City of Mesa, Director Carol Ditmore from the Arizona Department of Housing (ADOH), and Deputy Director  Thomas Barr from Local First Arizona.  As a complementary community to El Rancho del Arte, the adjacent El Rancho Del Sol provides affordable housing with programming intended to enhance the lives of residents and engage the neighborhood.  

El Rancho Del Sol consists of 47 units serving low-income households earning 40-60 percent of the Area Median Income.  Designed to serve families with children, the project is comprised of 26 two-bed, 11 three-bed, and 10 four-bed units.  A New Leaf is providing resident supportive services and Local First Arizona will provide an on-site micro enterprise accelerator program for enterprising residents. Cultural Coalition will continue providing arts based programming as part of the after school program for resident children.  We Cycle and Garden Pool are also operating spaces and offering unique services onsite to the residents.   Designed by Perlman Architects, constructed by Rytan Construction, public art components by Zarco Guerrero, and managed by Celtic Property Management, the project is expecting to achieve LEED Platinum certification. 

Eric Paine, Chief Executive Officer of Community Development Partners, says, “We are thrilled to bring El Rancho Del Sol to Mesa to build on the success of the first phase and continue the mission to build a healthy, engaged community.”

The project was partially financed by the sale of 9% Low Income Housing Tax Credits awarded by ADOH.  The tax credit investor is Alliant Capital.  A construction and permanent loan from Chase bank, HOME and Housing Trust Funds from ADOH, a HOME Loan from the City of Mesa, and an acquisition/pre-development loan from Local Initiatives Support Corporation (LISC) financed the remaining project costs.

Comments
Show Buttons
Hide Buttons