The project will be funded primarily from the Federal Low-Income Housing Tax Credit (LIHTC) program, of which $11.7 million has been secured by the developer, which is Ontario Senior Housing Partner LP, an affiliate of the Related Cos., located in Irvine. Other funding will include a loan of $5.5 million from the Ontario Housing Authority, which utilizes federal HOME funds and local Low Income Housing Set Aside funds, along with private financing of $1.2 million.
Units at City Center will be designated for a range of affordability levels from 30% to 50% of area median income. Rents, ranging from approximately $374 to $725, will be restricted to ensure ongoing affordability. Ontario Mayor Paul S. Leon describes the project as "the next phase of the revitalization of Downtown Ontario."
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.