With the aim of providing affordable housing for veterans and seniors, Vendaval Corp. is bringing to life a “self-sustaining” affordable housing community in Moreno Valley. The future development, located at 28136 Brodiaea Avenue, is set to break ground later this year.
Located at 28136 Brodiaea Avenue, the yet-to-be-named community will offer 400 residential units as well as 40,000 square feet of ground floor retail on a seven-acre plot of land.
The project will be paid for primarily through the use of government and private investor funding and will offer on-site programs for veterans and youth, including education, childcare, on-the-job training and job placement. On the outskirts of the community will also be facilities intended to help provide job experience while directly impacting tenants through daily use. These include retail outlets such as bakeries and coffee shops, dry cleaning facilities, a paid-membership fitness center, financial institutions and the community’s first Boys and Girls Club.
“We recognize that the need for housing is at a crisis level, especially for veterans, working families, and the elderly. Once the rental and mortgage assistance programs end, we’re going to see a lot of people across America in need of a new place to live; while many others may end up on the street.” Nick Saifan, chairman of Vendaval Corp., said.
According to Vendaval, the Moreno Valley project will further benefit the community by providing approximately 500 jobs during construction as well as several hundred more connected to the project’s retail and commercial space. The project is also expected to pump an additional $2 million into the Moreno Valley economy per year.
While providing needed programming into the area, the community is also intended to assist those in the Moreno Valley area by providing affordable rent. According to Vendaval, national rent debt stands at $23 million, or about $3,800 per average household, and more than 4 million people across the nation say they fear evictions or foreclosures in the coming months as unemployment benefits dwindle.
In Southern California, rental rates have increasingly become worse, as many rental rates far exceed average income. According to RentCafe, rental rates in Moreno Valley have increased 17 percent in the past year, averaging $1,832. In comparison, national rental rates average $1,482 as of June 2021.
Having previously received feedback from the City of Moreno Valley, the project will break ground in the coming months, though no opening dates have been set. While the project marks the first of its kind in Vendaval’s portfolio, the company hopes the project’s success will help to implement similar communities across the nation.
“I consider this project a blessing…a blessing to help ease the housing crisis. It will help vets, seniors, students, and everyone. And most importantly, it will provide jobs. But my fondest wish is to have this kind of project become commonplace across America, so the entire nation benefits,” Saifan said.
