Banning Villa Apartments
Enterprise Community Loan Fund provided a $9.4 million loan to Preservation Partners Development (PPD) to preserve 90 units of affordable rental housing for low income seniors in Wilmington, CA. Banning Villa Apartments, originally built in the 1970s, currently receives Section 8 rental assistance and features a mixture of on-site amenities for its residents. All 90 units will remain affordable to residents earning up to 60% of area median income (AMI). In addition to preserving the affordability of Banning Villa, PPD will an conduct an extensive rehabilitation of the property, including installation of new fixtures and appliances, reroofing of the buildings and upgrades to the community center.