|Wespath Benefits and Investments and its subsidiaries, including Wespath Institutional Investments, participate in the Positive Social Purpose Lending Program. The information below provides details about a property recently financed through this program.|
Wespath Benefits and Investments (Wespath), through its Positive Social Purpose (PSP) Lending Program, financed an $800,000 loan for the Vineyards at Menifee, an affordable housing property located in Menifee, California. Wespath purchased this loan through the California Community Reinvestment Corporation, which has been an investing partner since 2012.
The Vineyards is an 80-unit, low income housing tax credit (LIHTC) project designed for persons aged 55 and older, and special needs seniors with mental disabilities. Individuals with incomes between 30%-60% of the area median income can qualify to live at the development. It consists of 65 units designated for independent-living seniors and 15 units designated for seniors with special needs. The Mental Health Services Act (MHSA) Housing Program subsidizes the 15 special needs units that are set aside for use by the Homeless/Housing Opportunities, Partnership and Education (HHOPE) Program.
The Vineyards offers extensive common area amenities and social service programs for all of its residents, including:
A Program Coordinator provides the following service amenities:
The HHOPE program is funded by MHSA and is part of Riverside County's Community Services and Support Plan. HHOPE manages, coordinates and monitors all programs providing housing support services. (Source: http://www.rcdmh.org/Children-Services/Housing) The goal of HHOPE is to partner with housing providers to promote housing development, improve access to housing, and to ensure effective supportive housing services to persons served in Riverside County. (Source: http://www.rcdmh.org/MHSA/Housing) At The Vineyards at Menifee, the fifteen units designated for special needs seniors in conjunction with the HHOPE program help individuals who are homeless or at the risk of being homeless. These units, along with the services provided through the HHOPE program, provide a safe, secure and comfortable environment for each resident. The HHOPE program provides each special needs resident with a program Case Manager and Housing Specialist to help ensure that they make a successful transition.
CCRC is a multifamily affordable housing lender specializing in programs for families and seniors, citizens with special needs and mixed-use developments. Since inception, CCRC has approved over $1 billion in loans for affordable housing, creating 38,000 rental units for individuals earning 60% or less of the area median income. Through CCRC’s work and access to capital, individuals can live, work and raise their families in communities throughout California, creating a more economically diverse and stable statewide economy.
Wespath began investing in loans to support affordable housing and community development in 1990. Since then, the PSP Lending Program has provided market rates of return while promoting affordable housing and community development in underprivileged areas. Community development facilities funded through the PSP Lending Program have included homeless shelters, health care centers and clinics, community centers and charter schools—all with a goal of providing services to low- and moderate-income people.
The collaboration of a number of organizations on the Vineyards at Menifee project has resulted in a development that allows senior residents to benefit from quality affordable housing and invaluable support services. We anticipate that this project will also have a positive impact on Wespath's retirement plan participants who will benefit from the financial returns on this investment.