Celebrating the Grand Reopening of Creston Gardens
Photo courtesy of Dennis Eamon Young Photo for Peoples Self-Help Housing
Congratulations are in order, as Peoples’ Self-Help Housing Corporation (PSHHC) just celebrated the grand reopening of Creston Gardens in Paso Robles, California! The property was preserved and remains affordable with 60 homes for families, including 48 homes with a United States Department of Agriculture Rural Development (USDA RD) rent subsidy. Along with substantially rehabilitating the residential buildings, PSHHC constructed a new community building and added a basketball court and outdoor community areas.
Construction financing of $10.7 million was provided by JPMorgan Chase. Permanent financing includes $5.7 million of USDA RD financing. Enterprise was thrilled to provide $14 million of equity on behalf of JPMorgan Chase.