Involving himself with the affordable housing market is not a new endeavor for Southern California-based David Billings. He’s one of the partners in Grove Garden Condominiums, LP, owner of the newly refurbished Grove Garden Condominium project. As the name would suggest, the complex is on East Grove Street, sharing two addresses — 175 and 197, respectively.

Although the units were constructed in the 1980s and approved as condominiums, economic conditions at that time mandated they be operated as monthly rentals. According to Billings, the original owners, while not completely neglecting the property, maintained it at a minimal level of repair. “They didn’t reinvest a lot of money,” Billings says, “which was kind of indicative of the area then.”

Now though, with nearly $2 million invested in upgrades and renovations, there is a ripple effect throughout the community, says selling broker Kevin Sigstad, local owner of Premier Properties. “The affect of our investment is that we’re a catalyst for others to renovate and upgrade their properties.”

He explains that Grove Garden Condominiums are aimed directly at the affordable housing market. “If you look at almost every condominium conversion from Tanamera (in the South Meadows) to the Golden Phoenix (downtown), they have price points starting at maybe $200,000. If you’re a young family where are you going to go? Even Fernley and the North Valleys are now really out of the question for young families. This is aimed at the heart of the need; close to jobs, retail and transportation.”

Elaborating on Sigstad’s thoughts, Billings says that affordable housing currently is one of the more pressing national issues. “With the appreciation levels in the last five years, people are being priced out of the housing market and we’re trying to present solutions to that.”

“A lack of affordable housing and the limited scale of housing assistance programs are the primary causes of homelessness,” states the Web site bringingamericahome.org. “The growing gap between the number of affordable housing units and the number of people needing them has created a housing crisis for poor people.” Clearly, the Web site says, people need affordable housing. “It would take,” says the Millennial Housing Commission quoted on bringingamericahome.org, “annual production of more than 250,000 units for more than 20 years to close the housing affordability gap.”

With 80 condominiums distributed throughout the six-building complex, Sigstad describes them as quite affordable, explaining the one-bedroom unit starts at $89,900 and the two-bedroom, two-bath models $139,900. “So they are some of the least expensive units on the market even though they’ve been totally rehabilitated,” Sigstad says.

Buyers, so far, range all over the board from young people with families to students and retired people. “For working people, it’s close to jobs and shopping,” Sigstad says. “It really is some of the most affordable housing in our market and buyers have the ability to purchase and then to build equity.”

Billings adds that other products at this price point haven’t received the extensive renovation he’s lavished on Grove Garden. “Our buyers are virtually walking into a new unit,” he says. “The units are turnkey.”

While mid-November marked the soft opening of the complex, the first quarter of 2006 saw the closing of the first escrow. Sigstad’s agents report that they sell about three condominiums each week. “As construction progresses and people see what we’re doing, that helps sales,” he says. He expects to be completely sold out by the end of the second quarter.

Billings bestows generous kudos on his lender, Northern Nevada Bank. “As part of their mission as a community-based bank, they’re making a concerted effort to bring funding to projects like this and see them through to fruition.” He sees the bank as integral to his mission of providing a social benefit while at the same time remaining profitable.

Now, with Grove Garden launched and carefully directed toward a positive bottom line, Billings, with nearly 400 units in new California construction under his belt, says he’s looking for other affordable housing opportunities in the Northern Nevada market. So far, the search is still on, but when the right deal beckons, David Billings will be ready.