With special funding programs for affordable senior housing developments, the Valley is booming with new projects to address the growing number of baby boomers entering retirement reports the Fresno Bee.
Over the last four months, two affordable senior housing projects have broken ground and construction on another is expected to start by the end of the year.
“Affordable housing is probably one of the biggest things that has been going on in the downturn,” said Craig Smith, director of development for AMCAL Multi-Housing Inc., a Los Angeles-based nonprofit that’s building one of the projects. “The need, whether it’s affordable or not, for senior housing is going to increase.”
The area already has about a dozen affordable senior apartment complexes, but the waiting lists are long. For example, there are 180 people waiting to get into L.C. Hotchkiss Terrace in Clovis. Another 80 people wait for spots at Sierra Gateway in northwest Fresno.
With that kind of demand — along with federal grants and programs for affordable senior housing and local government support — these projects are easier than others to pursue in today’s economy, experts say.