MORENO VALLEY, CALIF. — Vendaval Corp. has unveiled plans for an affordable housing community for seniors and veterans in Moreno Valley, approximately 65 miles east of downtown Los Angeles.
The property is situated on seven acres and will include more than 400 units. A name for the community was not released.
Additional facilities will include entertainment venues, restaurants and other amenities totaling 30,000 square feet to support both residents and the surrounding community.
The development will be self-sustaining, and programs will be free. Revenues from the apartment rentals and retail shops will cover the cost of providing rental assistance by the Department of Urban and Housing Development (HUD) and other programs.
Affordable housing is scarce in California, and in Moreno Valley the average rent for a one-bedroom apartment runs north of $1,600 a month, according to Vendaval.