Ontario Building Grants for Seniors
The city of Ontario, California and the U.S. Department of Housing and Urban Development work together to provide funding opportunities to affordable senior housing developers. The city also uses federal funding to develop its own senior housing for senior residents. Ontario provides grants and low-interest loans to housing developers. Developers need to utilize grants and loans from private foundations as well since it takes multiple financial sources to develop a senior housing project.
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City of Ontario
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The city of Ontario's Housing Development Department provides financing for senior affordable housing developers. Financing comes in the form of multi-family mortgage revenue bonds, low-interest loans or grants. Funding can be used to construct new homes or acquire and rehabilitate existing structures for senior housing. To apply for funding, housing developers need to submit a proposal that details the scope of the project, location of the senior housing, financial projections and their experience with affordable housing development.
Low-Income Housing Tax Credits
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In October 2010, the City Center Senior Apartments in Ontario opened its doors to provide affordable apartment housing for low-income seniors. The Department of Housing and Urban Development works with the city to administer the Low-Income Housing Tax Credit Program for this affordable housing project. The City Center Senior Apartments received $11.5 million in tax credit equity generated from private investors. A tax credit provides incentives for private investment into affordable housing with a dollar-for-dollar reduction against the investor's federal tax liability. Investors receive the credit over a span of 10 years. Seniors who live in the housing development pay 30 percent of their income toward rent.
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LINC Seasons Senior Apartments
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Limited Income Communities Housing has developed affordable senior housing in Ontario and surrounding areas for over 20 years. LINC finances affordable housing developments with multiple sources of funding, which includes the Federal Home Loan Banks' Affordable Housing Program grant, and private grants from organizations such as the Weingart Foundation, the Home Depot Foundation and the California Community Foundation. Seniors who live in Seasons Senior Apartments pay a reduced rent based on their income. The senior must be 55 or older to be eligible for admission.
Section 202 Financing and HOME Funds
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The city of Ontario also obtains HUD Section 202 financing and HOME funding to develop affordable senior housing projects which include Ontario Senior Housing and Mountain View Senior Apartments. The Section 202 Capital Advance programs helps to finance the construction, acquisition or rehabilitation of a building that will be used to house low-income seniors. A zero-interest loan is provided and no repayment is required as long as rents remain affordable for 40 years. HUD also awards HOME funding to help affordable housing developers with construction, acquisition or rehabilitation costs. HOME-funded senior housing rentals must remain affordable for 20 years.
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