Deborah DeGrado, housing manager with the City of Norco, notes that the original restrictions on rent at the complex had expired, with all of the units reverting to higher market-rate rents, so the Wasatch project retains affordable housing in the city. All 86 units of the complex are set aside for seniors earning a maximum of 50% to 60% of the area median income for Riverside County, as established by HUD. Rents range from $550 to $675 for a one-bedroom unit, and from $653 to $803 for two bedrooms, well below prevailing market-rate rents for comparable senior apartments in the area.
Kipling S. Sheppard, president and CEO of Wasatch, describes the renovation of the complex as "much more than a simple face-lift." All 86 units were remodeled to include new energy-efficient kitchen appliances; cabinets and countertops; light fixtures; entry and screen doors; new dual-pane vinyl windows; bathroom accessories, hardware and tub refinishing; plumbing, heating and air conditioning units; new carpet and vinyl flooring; drywall repair and paint, and energy-efficient water heaters.
Overall energy efficiency was increased by 25%, and the rehab also included extensive exterior work. In addition, Heritage Park offers special features for seniors, including lowered kitchen cabinets and bath tub grab bars. Design of the two-story garden-style project was overseen by the architecture firm KTGY Group.
The $13.8 million project cost included acquisition and all repairs and renovations. The developer financed the project with $4.5 million in tax-exempt bonds, $4.2 million in low-income housing tax credit equity and a $5.1 million residual receipts loan from the City of Norco Redevelopment Agency. Wasatch partnered with the nonprofit Western Community Housing Inc. on the project.
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