CITY OF CORONA AND C&C DEVELOPMENT BREAK GROUND FOR NEW CITRUS CIRCLE
AFFORDABLE APARTMENTS ADJACENT TO THE CITY’S CIVIC CENTER
CORONA, CA — City of Corona officials and executives of C&C Development Co., LLC (C&C) and Orange Housing Development Corporation (OHDC), have broken ground for the Citrus Circle Apartments community which is being developed on a 2.47-acre site owned by C&C and OHDC and adjacent to the city’s Civic Center.
The new $16-million workforce housing project will encompass 61 one-, two- and three-bedroom units that are affordable to residents whose income is from 30% to 60% of area median income (AMI). An urban infill development designed for a LEED (Leadership in Energy & Environmental Design) Gold rating, Citrus Circle has convenient access to public services and is conveniently located within a ¼ mile of a Riverside Transit Authority bus stop and within a ½ mile of Sheridan Park as well as a grocery store and a pharmacy. Citrus Circle is a gated community that will encompass four apartment buildings as well as a 2,200 square-foot community room and management office, two tot lots, a barbecue pavilion, a community laundry facility, open space, and parking for 130 vehicles.
“With the economic recovery, our retail and commercial areas are expanding and office development is booming,” said Corona Mayor Karen Spiegel. “One of our key strategic goals to accommodate this growth is to provide a diversity of housing for workers and their families and the Citrus Circle Apartments is an important addition to our workforce housing inventory. It is an added benefit that this new apartment community is so close to transportation and public facilities and services. ”
Financing for the Citrus Circle Apartments was provided in part by the California Tax Credit Allocation Committee with $11.5 million of 9% low income housing tax credits and also a $2.3 million Neighborhood Stabilization Program (NSP) loan from the City of Corona, which also provided a $775,000 loan for the land purchase. The low income tax credits were syndicated by tax credit investor National Equity Fund, Inc., a leading national syndicator of low-income housing tax credits, and the Neighborhood Stabilization Program funds were invested by the City of Corona as part of its NSP allocation to revitalize local neighborhoods.Additionally, the Bank of America provided a $10.2-million construction loan as well as the permanent loan upon the project’s completion of $1.1 million. A significant milestone is the fact that no redevelopment financing was used for this project.
“We congratulate the City of Corona, its staff and our financial partners for bringing this project to reality, especially considering that no redevelopment funds are being used for its construction,” said Todd Cottle, principal of C&C Development. “Even during these difficult times for affordable housing development, this ground breaking today for the Citrus Circle Apartments underscores what can be accomplished when you bring together a dedicated team of public and private partners.” Social services for Citrus Circle Apartment residents will be provided through a partnership between C&C, OHDC, and the Corona-Norco Family YMCA, a non-profit community based organization that operates a host of programs for children, families and the community. High school age youth who will be living at Citrus Circle Apartments will be able to attend Corona High School which is less than one mile away. When completed, the Citrus Circle Apartments will also include 19 rehabilitated affordable units within an existing apartment building purchased as part of the larger site acquisition.
City of Corona, CA
The City of Corona is located approximately 45 miles southeast of Los Angeles in western Riverside County. The city limits encompass 39.2 square miles and the population is approximately 153,484. A city whose heritage spans more than a century, Corona has emerged as an ethnically diverse community where a significant percentage of the population consists of young, well-educated families. The city has more than 394 acres of parks, with sports fields, basketball courts, playgrounds, tennis courts, two skate parks and an outdoor pool. Corona’s growing commercial and industrial base has played an important role in the growth of the city as has its expanding employment base. There are more than 42,000 jobs within the city and there is a workforce of more than 82,000 Corona residents who work in Corona or in surrounding communities.
C&C Development
With more than 30 years of experience, Tustin, CA – headquartered C&C Development Co., LLC is a full-service real estate development company specializing in the construction, acquisition,rehabilitation, and management of affordable housing for working families and seniors. Collaborating with stakeholders, housing organizations, local municipal staff, and elected officials, C&C designs and develops distinctive affordable projects to assist neighborhoods and communities in pursuing their smart growth goals and implementing their long-term housing vision. The company’s development activities revolve around three types of projects for moderate, low, to very low income residents: new construction of multifamily units; adaptive reuse of existing, underutilized properties; and revitalization/rehabilitation of existing troubled multifamily properties and neighborhoods. With a strong foundation of knowledge, expertise, and experience, C&C communities provide residents with dignity and the opportunity for upward mobility, as well as a place where they can live, call home, and thrive both physically and mentally.
Orange Housing Development Corporation
Orange Housing Development Corporation (OHDC) is a non-profit organization dedicated to providing secure, clean and attractive housing for people of low and moderate incomes. OHDC was founded in 1990 to increase the number of affordable housing units in California and to try to fill the housing void not be filled by the private sector. OHDC is committed to providing people with high quality, low-cost developments and responsive management services, while creating enjoyable and productive living environments. OHDC is further committed to the enhancement of communities through the aesthetic value and economic vitality of the developments, and by our leadership and active participation in community affairs. Finally, OHDC is committed to the long-term financial stability of every project. Decisions are guided by economics without compromising integrity. The goal is to utilize the funds available in the most responsible way possible and to leverage funds in order to obtain maximum quality production.