CITY OF CORONA AND C&C DEVELOPMENT BREAK GROUND FOR NEW
CITRUS CIRCLE AFFORDABLE APARTMENTS ADJACENT TO THE
CITY’S CIVIC CENTER
CORONA, CA (Feb. 13, 2014) — City of Corona officials and executives of C&C Development Co.,LLC 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 by C&C and OHDC 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 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 2,000 square-foot community room and management office, two tot lots, a barbecue pavilion, a community laundry facility, open space, and parking for 111 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 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 9% low income housing tax credits of $11.2 million 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 purchased by tax credit investor National Equity Fund, Inc., a leading national syndicator of low-income housing tax credits, and the NSP 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 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.