Grand Opening Celebration Scheduled for Bidwell Park Apartments -- a New Affordable Housing Community

    CHICO, CA, September 12, 2012 /24-7PressRelease/ -- Chico Bidwell Associates, LP announces the grand-opening of Bidwell Park Apartments, the City's newest affordable housing community located at 1197 E 8th Street. A ribbon cutting ceremony will take place on Thursday, October 11th at 12:00pm at the Bidwell Park Apartments Community Center. Scheduled speakers include Honorable Mayor Ann Schwab and Gregg Stone, Director of Development for Stone Building Corporation.

The opening of Bidwell Park Apartments follows a 6-year collaborative effort between Pacific West Communities, Inc, Stone Building Corporation, Central Valley Coalition for Affordable Housing, the City of Chico, and the former Chico Redevelopment Agency to develop 38 high-quality affordable apartments on the former site of the A&A Pear Grove trailer park. It is one of the last projects to receive funding from the Chico Redevelopment Agency following last year's ruling by the California Supreme Court to uphold the state's decision to eliminate redevelopment agencies throughout California.

"We know that affordable housing plays a pivotal role in creating healthy first-class communities and that local investment in affordable housing is more critical today than in anytime past" said Stone. "As redevelopment funds dry-up and the local housing market continues to struggle in the wake of the greatest recession to hit in a generation, the demand for quality affordable housing will far outpace supply."

"We are also very excited about the timing of this project" said Stone. "It has created over 70 jobs with nearly all construction workers and subcontractors employed directly from within Chico, Butte County, and the Sacramento MSA."

The project, which cost $7.8 million, received a $3.5 million loan from the Chico Redevelopment Agency and $4 million in Federal Tax Credits. All of the apartments will be rented to lower-income families and residents who earn between 30 and 60 percent of the Area Median Income (AMI) for Butte County. Current rents are expected to range from $281 to $843 per month for one- two- and three- bedroom apartments.

Bidwell Park Apartments was designed by award winning architect Rodriguez Associates Architects & Planners, Inc and is a BuildItGreen GreenPoint Rated project, which was designed and constructed using environmentally sustainable building methods and materials.

Onsite amenities include a children's tot-lot, free Internet service, a community room and common laundry facilities. Each apartment comes with granite countertops and maple cabinetry. All residents will enjoy access to supportive services including computer training, vocational skills, and health and safety classes.

The property is located between East 8th and East 9th streets and is ideally situated along the Highway 32 transit corridor providing easy access to public transportation. Bidwell Park's One Mile Recreation Area is within walking distance to the property.

Stone Building Corporation is a full service general contracting and real estate development firm, which specializes in the infill construction of quality homes and communities throughout California.

Website: www.StoneBuildingCorp.com

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