ONTARIO, California – The City of Ontario, the Ontario Housing Authority, and Ontario Senior Housing Partners, L.P., an affiliate of The Related Companies of California, will celebrate the inauguration of the new $18 million City Center Senior Apartments with a grand opening ceremony on Friday, October 15th, at 11:00 a.m. Located at 280 North Lemon Avenue in Ontario between B and C Streets, City Center Senior Apartments is a 76-unit, affordable senior housing development situated next to the Ontario Senior Center, City of Ontario Library and in close proximity to transportation and shopping.
“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 City Center Senior Apartments features 60 affordable one-bedroom units and 15 affordable two-bedroom units, as well as an on-site unit for a property manager. Units will be provided at a range of affordability levels from 30% to 50% of area median income. The maximum income limit for a one-person household is $22,750. Rents range between $326 to $687 depending on the income of the resident and the size of the unit.
This project represents an $18 million investment in Ontario. Working together with the City of Ontario and the Ontario Housing Authority, Ontario Senior Housing Partner, L.P. was able to secure Federal Low Income Housing Tax Credits that generated approximately $11.5 million in tax credit equity to the project. 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.
About Ontario Senior Housing Partners, L.P.
Ontario Senior Housing Partners, L.P., is an affiliate of The Related Companies of California, located in Irvine, California. The Related Companies of California was formed in 1989 by William Witte and Stephen Ross to focus on the development of multifamily housing in California. The Related Companies of California has extensive experience in developing award winning housing developments. Since its inception, Related Companies of California has developed over 6,000 units of housing in California, with properties in San Francisco, Oakland, San Jose, Los Angeles, Orange County, San Bernardino County, and San Diego County.
About The City of Ontario
The City of Ontario is Southern California’s Next Urban Center. Located just 35 miles from Los Angeles, Ontario is uniquely positioned as the “economic engine” of one of the fastest growing regions in the United States. Ontario is home to Ontario International Airport and an incomparable transportation system of three major freeways and two railroads that provide access to the region, the nation and the globe. With a highly skilled local talent base and lower cost space than coastal counties, Ontario, California is the place to do business. For more information, visit http://www.ci.ontario.ca.us.