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Council approves amended financing to preserve 160 affordable units at Corona del Rey
Summary
The council voted 4–1 to restructure city loans and operating agreements for the 160‑unit Corona del Rey affordable housing community, lowering the city's note interest rate, extending the repayment term, and keeping affordability requirements in place in perpetuity while enabling a Chase permanent loan to consolidate other debts.
Corona’s City Council on April 15 approved a package of amended financing and operating agreements aimed at stabilizing Corona del Rey, a 160‑unit affordable housing complex near the 91 freeway and Lincoln Avenue.
Housing and Homeless Solutions Manager Karen Roer told the council the property has a complex loan history: a construction loan originally authorized at up to $1.22 million but only partially drawn decades ago has grown — with accrued 15% interest — to a current payoff figure the city calculated at roughly $1.7 million. Roer and representatives from the owner‑operator National Core…
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