FEBRUARY 7, 2013 (FONTANA, CA) Fontana Mayor Aquanetta Warren, Councilmember Lydia Wibert (Chairperson-Fontana Housing Authority), members of the Fontana City Council, city staff and developer Related California were be joined by residents to celebrate the grand opening of the third and final phase of Paseo Verde, a 142 unit townhome apartment community which has revitalized formerly blighted and underutilized City owned lots in the City of Fontana. The event was held at the recently completed development at 10050 Juniper Avenue, Fontana, CA 92335. Completion of the third and final phase of development has added 46 new townhome units and additional resident amenities to the previous two phases of 50 and 46 units each, for a total of 142 residences in the newly constructed community. Paseo Verde was designed for large family multifamily living, with at grade side-by side townhomes and private two-car garages. Additional common area amenities include swimming pool, multiple community rooms, interactive water feature, exercise facilities, computer lab, BBQ area, and children’s play areas. The development was designed using sustainable building methods and will receive a Green Point Rated certification from Build It Green. On site supportive services such as after school programs and adult educational classes will be provided free of charge to residents by Project Access. “We are very proud of Paseo Verde, and the high quality living environment it provides for large families with children,” said Mr. Bill Witte, President of Related California, “This is Related’s seventh development in Fontana and it’s been a pleasure to work again with a City that shares our commitment to affordable housing and meaningful community investment.” Phase III was financed with Low Income Housing Tax Credit (LIHTC) equity and conventional debt form US Bank and a subordinate loan from the Fontana Housing Authority. Rents and occupancy will be restricted for low income families at 30% - 60% of the Area Median Income. Related California assisted the City in land acquisition for the development and will operate and manage the property on a long term ground lease with the Fontana Housing Authority. Market demand for the units has been strong and the development is fully leased with a lengthy waiting list. About Related California Related California is a fully integrated real estate firm that develops affordable and market rate multifamily and mixed-use residential properties in California. Since opening the west coast headquarters in 1989, the company has completed over 9,200 residential homes throughout California. Related has partnered with over 20 municipalities and over 25 non-profit organizations in Southern California (in Los Angeles, Orange, San Bernardino, and San Diego Counties) and Northern California (San Francisco, Oakland, Richmond and San Jose). The Related California portfolio includes more than $2.5 billion worth of developments. This level of activity sets the company apart from most in the industry and creates substantial purchasing and negotiating leverage, allowing Related to develop and operate assets efficiently while maintaining its standards of high quality and service. For more information, please visit www.relatedcalifornia.com.
