Citrus Circle Apartments
CORONA, CALIFORNIA
Development of the new Citrus Circle Apartments workforce housing located on a 2.47-acre site contiguous to the City of Corona Civic Center is completed and fully occupied. Citrus Circle is a joint venture between the City of Corona, C&C Development Company, LLC (C&C) and Orange Housing Development Corporation (OHDC). Within walking distance of downtown Corona and community services, Citrus Circle is a gated property located at 301 South Buena Vista Drive. The site encompasses 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.
“The Citrus Circle Apartments are a wonderful addition to our community,” said Corona Mayor Eugene Montanez. “Located within proximity to retail, grocery stores and public transit, the Citrus Circle Apartments offer many onsite amenities, all at affordable rents. As our outstanding reputation and quality of life continues to attract residents to Corona, the Citrus Circle Apartments will be the perfect home for qualifying individuals and families.”
An urban infill development designed for a LEED (Leadership in Energy & Environmental Design) Gold rating, the new $16-million workforce housing project features 61 one-, two- and three-bedroom units that are affordable to residents whose income is from 30% to 60% of area median income (AMI). Citrus Circle also includes 19 completely rehabilitated affordable units within an existing apartment building purchased by C&C and Orange Housing as part of the larger site acquisition.
Citrus Circle is 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. High school age youth who live at Citrus Circle Apartments attend Corona High School which is less than one mile away. Social services for Citrus Circle Apartment residents are 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.
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 at the project’s completion of $1.1 million. A significant milestone is the fact that no redevelopment financing was used for the project.