Citrus Circle is a 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.
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.
Social services for Citrus Circle Apartment residents will be provided through a partnership between with 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.
DEVELOPED BY ORANGE HOUSING DEVELOPMENT CORPORATION AND C&C DEVELOPMENT