General Plan - Moreno Valley

CHAPTER 8 – HOUSINGMORENO VALLEY GENERAL PLAN8.4.11 Energy ConservationThe City of Moreno Valley, through itshousing rehabilitation programs providesgrants or loan funds that include work forenergy conservation repairs orreplacements. The City of Moreno Valley,through its Neighborhood Preservationdivision, participates in utility energyconservation programs sponsored byprivate sector utility companies. Whenhouseholds participating in the City’shousing rehabilitation programs requireadditional assistance in the area of energyconservation, utility discounts orreplacement of inefficient appliances, staffprovides information on programs availablethrough utility companies. Depending onthe availability of funds, utility companiesmake available weatherization services,replacement of inefficient air conditionerswith evaporative coolers, replacement ofrefrigerators that are over 10 years old,repair or replacement of inefficient furnacesas well as free energy efficient compactfluorescent light bulbs.8.5 PROJECTS AND PROGRAMS8.5.1 Cottonwood Place ApartmentsIn 1995, Palm Desert DevelopmentCompany (PDDC) began construction on a108-unit affordable apartment complex.The project consists of three and fourbedroom apartments. The RedevelopmentAgency provided $1.5 million in loan fundsfor the project and the City provided$500,000 in HOME funds, in the form of aloan as well. The developer also received aFederal tax credit allocation of $9 million forthe project. The rents in the developmentare affordable to families earningapproximately 46% of the Riverside Countymedian income, the maximum level allowedby the tax credit program. The developmentwas completed in the summer of 1998 andconsequently will be counted in the 2000-2005 Housing Element reporting period.Cottonwood Place ApartmentsPhase I Budgeted Amounts(Actual)RDA FY 1997-98: $1,258,615HOME FY 1997-98: $ 219RDA FY 1998-99: $ 241,604HOME FY 1998-99: $ 549,781Total: $2,050,2198.5.2 Cottonwood and Indian StreetImprovementsIn 1993, the Agency, working in conjunctionwith Coachella Valley Housing Coalition(CVHC) on the possible development of a30-unit apartment complex on a four acreparcel at the northeast corner ofCottonwood and Indian. Although theproject with CVHC did not come to pass theAgency has retained the site for futureaffordable housing development. Since thesite was unimproved, the Agency providedfunds to install sidewalk, curb, gutter and acatch basin. In addition the telephone poleswere placed underground and the streetwas widened.Cottonwood/Indian Street ImprovementsRDA FY 1997-98 $10,3098.5.3 Homebuyer Assistance Program(HAP)The Homebuyer Assistance Program (HAP)provides financial assistance to low andmoderate-income households to purchase ahome. Assistance is provided in the form ofdeferred-payment loans and may be usedfor the down payment and/or closing costs.The amount of assistance made available isbased on the potential buyer’s income, theprice of the house, and the geographic areain which the house is located. HousesPage 8-46 July 11, 2006