PROJECT SUMMARY:

Located at 10149 Bruceville Road in Elk Grove, California, Mosa Apartment Homes is a 387-unit, newly constructed family community completed in 2025. The property consists of 14 garden-style buildings offering a mix of unit types serving a broad range of household income levels. This marks HVPG’s second property acquisition in California. By stepping into ownership at permanent loan conversion, HVPG is ensuring 387 families in Elk Grove will benefit from a quality, well-managed home with long-term affordability protections for decades to come.

FINANCING AND SUBSIDY:

The acquisition was financed through three Freddie Mac loans originated by Greystone, with tax credit equity provided by Redstone Equity Partners and public finance support facilitated by the California Municipal Finance Authority (CMFA) and the City of Elk Grove. The property is structured across three Low-Income Housing Tax Credit (LIHTC) partnerships, each subject to its own regulatory agreement covering 100% of units. HVPG acquired the general partner interests in all three. Income restrictions span 30% up to 80% of Area Median Income (AMI). Approximately ~10% of units are further supported by tenant-based vouchers.

RESULTS:

• $83.6M investment into Elk Grove’s affordable housing supply
• Long-term affordability preserved with new 30-year LIHTC regulatory agreements across all units
• Sustainability-driven property with rooftop solar reducing tenant utility costs and carbon footprint
• No displacement of residents

SCOPE OF WORK:

HVPG will focus on delivering operational excellence and resident-centered programming through a partnership with California-based non-profit Pacific Housing, Inc., which serves as Managing General Partner in the transaction.

Pacific Housing will provide on-site resident services, including afterschool and teen programming, adult education and skill-building classes, and individualized service coordination connecting residents to community resources.

The property features an onsite management office, computer room, fitness center, library, in-unit washers and dryers, and advanced high-definition site monitoring.

Rooftop solar panels power the residential units, reducing tenant utility costs and the property’s carbon footprint.