In August 2015, the NPHS Board of Directors approved the creation of a rental housing program which will provide quality affordable housing to families who are not yet ready for homeownership. The program will make available single-family and multi-family homes for rent to low-income families throughout the Inland Valley, which includes San Bernardino, Riverside and East Los Angeles County.
NPHS Community Redevelopment, Inc., which serves as the organization’s development and realty company, will acquire, rehabilitate and green older single-family and multi-family properties, and then rent them to low-income families. NPHS Community Redevelopment recently acquired two four-unit properties that will provide eight units of affordable rental housing in the City of San Jacinto. This marks NPHS’ first multi-family rental housing rehabilitation project led by its Redevelopment Department team.
The San Jacinto rental project presented an opportunity for NPHS to renovate the property while drastically improving the living conditions of its current tenants. NPHS will rehabilitate the property by painting the exterior and interior of all units, installing new flooring, replacing a leaking roof, and repairing the car ports that present safety issues to the tenants. NPHS also plans to green the property which will lower the tenants’ utility costs by replacing single-pane windows with double-pane and installing new energy efficient appliances.
“The expected result of the Rental Housing Program is to expand the availability of quality affordable and healthy rental homes in the communities we serve,” explains Adam Hicks, NPHS Vice President of Redevelopment Strategies, who has been with NPHS for five years overseeing nearly one-hundred acquisition and rehabilitation projects.
NPHS is currently sourcing additional capital for its CDFI fund to acquire additional units. NPHS Community Redevelopment hopes to grow its rental portfolio to 200 units by 2020 while at the same time preparing tenants to become homeowners through its homebuyer education and counseling services.