C&C Starts Affordable Without Redevelopment Funds

TUSTIN, CA—Locally based C&C Development Co. LLC has begun construction on the Citrus Circle Apartments, a $16-million workforce-housing project in Corona, CA, that is being developed on a 2.47-acre site adjacent to the City of Corona Civic Center. No redevelopment financing was used for this project, which is a public/private partnership with the City of Corona, C&C and City of Orange, CA-based Orange Housing Development Corp., a non-profit affordable-housing builder. The gated community—which will include 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—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. It is also an urban-infill development designed for a LEED-Gold rating. Financing for the project was provided in part by the California Tax Credit Allocation Committee with $11.5 million of 9% low-income-housing tax credits and a $2.3-million Neighborhood Stabilization Program from the City of Corona, which also provided a $775,000 loan for the land purchase. Additionally, 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.

TUMWATER, WA—UCP Inc. has completed the Preserve at Tumwater Place, a 120-acre master-planned community at 8856 Yarrow Court Southeast here. The development represents UCP’s first selling community in the Washington market. The new home models range from approximately 1,550 to 3,300 square feet and include up to six bedrooms and three baths with introductory pricing starting in the low $200,000s. The community has been approved to feature 544 homes at full build-out.