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July 12, 2024
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Ravello Holdings and WNC & Associates to Build Single-Family Affordable Housing Project in Lancaster


Ravello Holdings and WNC & Associates have closed a deal to begin construction on Maisonís Sierra, an affordable housing community comprised of 196 single-family affordable rental homes in the north L.A. County city of Lancaster.

Maisonís Sierra will offer 39 one-bedroom, 77 two-bedroom, and 78 three-bedroom single-family homes restricted to households earning 30, 50, 60, and 70 percent of area median income (AMI). In addition, there will be one designated managerís unit.

ďThis area of Lancaster is experiencing high growth in employment opportunities for middle class families who will benefit tremendously from the availability of affordable housing,Ē said Jessica Captanis, Vice President of Originations - West at WNC.

Located at 45635 Sierra Highway, Maisonís Sierra is situated close to downtown Lancaster, including several shops, schools and amenities, including a public library and the Museum of Art and History (MOAH).

The deal was structured with federal and state Low Income Housing Tax Credits, energy credits, tax-exempts bonds, a construction loan from Merchants Bank, and permanent financing from California Housing Finance Agency and its Mixed Income Program. Construction is expected to be completed in 18 months.

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