Citrus Circle Apartments community, a new $16-million workforce housing project, will encompass 61 units that are affordable to residents whose income is from 30% to 60% of area median income (AMI). An urban infill development, Citrus Circle is designed for LEED Gold and 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.
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. 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.
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.
DEVELOPED BY ORANGE HOUSING DEVELOPMENT CORPORATION AND C&C DEVELOPMENT