RELIANT GROUP MANAGEMENT, LLC SELECTS RAINBOW HOUSING AS SERVICE PROVIDER FOR AFFORDABLE COMMUNITY IN ARIZONA

RELIANT GROUP MANAGEMENT, LLC SELECTS RAINBOW HOUSING AS SERVICE PROVIDER FOR AFFORDABLE COMMUNITY IN ARIZONA

FOR IMMEDIATE RELEASE

Nonprofit will provide supportive housing programs to 267-unit community currently under renovation in Phoenix

PHOENIX – Aug. 16, 2017 – Rainbow Housing Assistance Corporation (Rainbow), a Phoenix-based nonprofit organization that provides service-enriched housing programs for residents of rental housing communities throughout the country, has been selected by Reliant Group Management as the service provider for La Palmilla Apartments, a 267-unit apartment complex located at 3838 West Camelback Road in Phoenix. The property was recently purchased by a new tax credit limited partnership sponsored by Reliant Group Management and will have all units restricted to households making 60 percent of the area median income.

Utilizing tax-exempt housing revenue bonds approved by the Industrial Development Authority of the City of Phoenix and low income housing tax credits (LIHTC) allocated by the Arizona Department of Housing, La Palmilla Apartments is currently undergoing renovations to modernize the property and promote energy efficiency. These upgrades will encompass both the community’s common areas in addition to its unit interiors. Once renovations are complete, projected for mid-2018, Rainbow will establish a wide range of onsite services which will be provided to residents at no cost.

“Rainbow has been a part of the process with La Palmilla Apartments since step one, and we’re excited to see the project team’s hard work come to fruition,” said Flynann Janisse, executive director of Rainbow. “The renovation of the property’s community space will be taking into consideration the delivery of services through our programs aimed at achieving a realistic path to greater self-sufficiency, while meeting the unique needs of individual residents. As such, La Palmilla Apartments truly has the potential to eventually serve as the flagship resident services location for Rainbow.”

As La Palmilla Apartments primarily serves families with children, Rainbow will offer its core services to residents. For young residents, youth enrichment programs will be provided, set to include educational activities, resources and homework help to promote academic achievement in addition to teen employment opportunities. A range of adult courses will also be offered, with programs comprising life skills, financial literacy, health and nutrition, computer training and job readiness courses. Rainbow will also offer partner referrals for residents requiring crisis intervention and similar services.

“Throughout the acquisition and planning processes we worked closely with Rainbow to ensure resident services were at the forefront of La Palmilla Apartments,” said Joseph Sherman, president of Reliant Group Management. “With Rainbow, we’ll be able to provide our residents with tailored, supportive services from the outset, which will empower individuals and, ultimately, stabilize the community as a whole.”

Built in 1974, La Palmilla Apartments community comprises 70 single-story apartment buildings with a leasing office and community center on a more than 22-acre parcel. The complex houses one-, two- and three-bedroom units totaling 234,250 net rentable square feet. La Palmilla Apartments’ amenities include private patios, common laundry facilities and a large community pool. The complex is located in close proximity to local schools and daycare facilities.

Rainbow is currently providing services to more than 85 affordable housing developments across the country, and is involved with a number of new developments within Arizona alone, all of which started construction in mid-2016.

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About Rainbow
Rainbow Housing Assistance Corporation (Rainbow) is a nonprofit organization that provides service-enriched housing programs for residents of rental housing communities throughout the country.  With award-winning services available throughout the United States, Rainbow seeks to create and preserve quality, affordable housing for families and individuals of diverse ethnic, social and economic backgrounds.

About Reliant Group Management, LLC
Reliant Group Management investment focus is affordable and market rate multi-family housing. Few firms have the depth of knowledge that Reliant Group Management brings to the process of acquiring complicated real estate transactions, including market rate, affordable and LIHTC assets.  For over a decade, the principals of Reliant Group Management have acquired real estate and loan transactions requiring extensive rehabilitation, repositioning and restructuring.

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