The new $18 million City Center Senior Apartments held its grand opening earlier this month for the 76-unit, affordable senior housing development situated next to the Ontario Senior Center and the City of Ontario Library. The City Center Senior Apartments features 60 affordable one-bedroom units and 15 affordable two-bedroom units. Rents for the units will range range between $326 to $687 depending on the income of the resident and the size of the unit.
“We are very excited to welcome these new residents to downtown Ontario,” said Mayor Paul S. Leon. “This project is consistent with our City Council’s goal to focus resources in Ontario’s commercial and residential neighborhoods and is a crucial component in our efforts to revitalize downtown Ontario.”
The project was able to secure Federal Low Income Housing Tax Credits that generated approximately $11.5 million in tax credit equity to the project from with City of Ontario and the Ontario Housing Authority. In addition, the Ontario Housing Authority provided a $5.1 million loan and Ontario Senior Housing Partner, L.P. obtained a $1.4 million privately financed loan.
"The City of Ontario understands development, and how it fits within the fabric of the community. We are excited to see this project come to fruition and look forward to watching the residents of Ontario enjoy their new home,” said Bill Witte, President of the Related Companies.