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Council approves amended development agreement for 115-unit Second Street affordable housing project
Summary
The Corona City Council approved an amended development agreement for the 115-unit Second Street Family Apartments after the developer secured $40 million in low-income housing tax credits and the county agreed to financial support and project-based vouchers.
The Corona City Council on a 4-0 vote approved an amended and restated Development and Disposition Agreement (DDA) for the Second Street Family Apartments, a 115-unit affordable housing development to be built by CNC Development.
City housing staff said the amendment was necessary to comply with investor requirements tied to low-income housing tax credits. Karen Roper, a city staff member who presented the project, told the council CNC secured $40,000,000 in tax credit financing and that the developer has requested several standard financing-related adjustments to the DDA.
Roper said the county…
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