CDP Celebrates Groundbreaking of Monamos Terrace Apartments
May 11, 2023
Murrieta, Calif., May 11, 2023 — Yesterday, we celebrated the Groundbreaking of Monamos Terrace Apartments—CDP’s first project in Murrieta and a partnership between CDP, Étapes Corporation and Pacific Housing. We were joined by local leaders to celebrate the new community’s start of construction!
When complete, Monamos Terrace will include eight residential buildings, each three stories, and will offer 139 units, made up of a mix of one-, two-, three-, and four-bedroom apartments for families and individuals earning 30%-60% of the area median income. Monamos Terrace has been designed to meet the housing needs of very low-income households and will offer eight 4-bedroom Project Based Voucher units, reserved for families at risk of homelessness and restricted at 30% AMI.
“From the earliest days of design and planning, our goal for Monamos Terrace Apartments has been to meet the housing needs of very low-income individuals and families, including those experiencing homelessness,” said Kyle Paine, CDP President. “We are beyond excited to do so in a building that is beautifully designed and deeply supported by integrated services for all residents.”
Not only is the site located in an amenity-rich area, close by public transportation, grocery stores, pharmacies, and shops, but when completed, the project will include a community room, computer room, BBQ station, playground, and fitness area. Pacific Housing will provide resident services and programming specific to the community the project serves.
Monamos Terrace Apartments’ main sources of financing includes $3.3 million worth of HOME Funds from the County of Riverside, CTCAC 4% Tax Credits and State Tax Credits, CDLAC Tax Exempt Bonds, and Project Based Vouchers (PVBs) from the Housing Authority of the County of Riverside.
The site was designed by SummA Architecture and will be built by NEXT PHASE Construction.
We are so thankful to our partners. Without such a dedicated and hardworking team, the creation of Monamos Terrace Apartments would not be possible!
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About Étapes Corporation
Étapes Corporation is a start-up real estate development and consulting company focusing on affordable multi-family housing market in California. The principal at Étapes Corporation is a passionate and well-rounded professional with over 26 years of design and real estate development experience in delivering sustainable quality market rate and affordable multifamily housing, condominiums, townhouses, retail, office, commercial, and tenant improvements within mixed-use, transit-oriented development, and master plan communities. We are team oriented and self-motivated problem solvers with a focus on efficiency and quality results.
About Pacific Housing Inc.
Pacific Housing Inc. has over 20 years’ experience creating service programs that meet unique interests and needs of each individual property and its residents. The organization serves as the Managing General Partner in over 130 affordable housing communities across California, with the ultimate goal of an affordable housing community that positively interacts with its surrounding neighborhoods, is well-designed and maintained, and provides its residents with opportunities for a healthy, empowering, and fun living experience.
