Affordable Housing Project Approved

Moreno Valley has approved a 141-unit affordable housing development.

Boulder Ridge, a multi-family project, will be built on 8.6 acres of open space at the southeast corner of Alessandro Boulevard and Lasselle Street, said Marshall Eyerman, the city’s chief financial officer.

The project, which will be built in two phases, is being developed by Rancho Belago Developers in Moreno Valley. Twenty of the units will be for seniors, defined as anyone 62 years old or older.

Moreno Valley currently has about 1,500 affordable housing units, all of which are priced so that people below a community’s median income can afford them.

The City Council approved the project unanimously earlier this month.

Moreno Valley is using some funding it has set aside for affordable housing to help get the project built, although Rancho Belago Developers will own and operate the project when it’s finished, Eyerman said.

“We have a certain number of affordable units that we’re required to maintain,” Eyerman said. “There’s always a need for affordable housing.”

Boulder Ridge’s first phase is expected to cost $24 million. Cost of the second phase, as well as construction schedule for the entire project, has not been determined, Eyerman said.