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Rialto Council approves loan modification to enable renovation of 150 Citrus Grove affordable units
Summary
The City Council voted unanimously to approve a loan modification and partial forgiveness request that city staff said is necessary to unlock state tax-credit financing and bond proceeds for renovation of the Citrus Grove affordable housing complex.
The Rialto City Council on Feb. 11 approved a loan modification that city staff said is necessary to secure state tax credits and bond financing for a planned renovation of the 150-unit Citrus Grove affordable-housing complex.
City staff and the project's developer described the action as a restructuring of existing loans and a request for partial debt forgiveness. Colby Cataldi, director of community development, told the council the renovation would preserve 150 affordable units under a 55-year covenant, add Americans with Disabilities Act (ADA) improvements and other structural repairs, and generate increased residual receipts to the city over time.
Cataldi summarized financing details: the current loan balance (principal plus accrued interest) is…
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