Ravello Holdings and WNC & Associates have finalized plans to construct Maison’s Sierra, a community of 196 affordable single-family rental homes in Lancaster. The development will feature one-bedroom, two-bedroom, and three-bedroom homes for households with incomes ranging from 30% to 70% of the area median income.
According to Jessica Captanis, VP of originations – West at WNC, this project is well-suited for middle class families seeking affordable housing in an area experiencing significant job growth.
Maison’s Sierra will be located at 45635 Sierra Hwy. in Lancaster near downtown and within close proximity to various shops, schools,and amenities such as a public library and the Museum of Art and History.
The financing for this project includes federal and state Low Income Housing Tax Credits along with energy credits,tax-exempt bonds,a construction loan from Merchants Bank,and permanent financing through California Housing Finance Agency’s Mixed Income Program.Construction is expected to take approximately18 months.
This development follows Ravello’s previous successful affordable single-family rental project,Maison’s Palmdale.Pictured above,the new community aims to provide much-needed housing options for low-income individuals without mentioning any specific brands or organizations involved.
