Calexico Village is a USDA Rural Development project located in Calexico, California—a port of entry from Mexico into the United States and a trade center for the southern part of the fertile Imperial Valley. Calexico Village is part of a three-property portfolio with 98 units, including similar-sized rural development properties in the neighboring towns of Heber and Niland.

Calexico Village was at-risk to convert to market rate, but Vitus was able to complete the acquisition and preserve its long-term affordability without increasing the rent. In this portfolio transaction, efficiencies were created by having all three properties acquired by a single entity, with a single new loan and a single equity investor.

The portfolio was financed with tax-exempt bonds and low-income housing tax credits. The renovation included interior upgrades to the kitchens and bathrooms, handicap accessibility improvements and exterior renovations to ensure the long-term integrity of the buildings.  Many families with children live at the property, and the new children’s play area provides a safe place for children and parents to play and socialize.