55 Year Term
Interest rate: 3% (NEW LOAN)
Maturity date: August 2061 55 Year loan Term
Original loan Amount: $14,754,722 2-Yr Term (construction period only) Interest rate: 4.53% Repayment terms: Due from net cash flow Interest rate: 4.53% Maturity date: September 2081 Origination date: August 1, 2006 Maturity date: TBD Repayment Terms: Due from net cash flow $250,000 cash contribution given to the City
55 Years of Affordable Housing! These measures will ensure the continued availability of affordable housing in the City of Rialto for generations to come.
Current Rialto Housing Authority Loan Interim Construction Period Loan Fully Restructured As of January 2025 to until March 2025 March 2025 - September 2026 September 2026 Existing Rialto Housing Authority Loan on Citrus Grove (as currently is)$21,978,000Loan Restructured$14,405,205 forgiven by February 28, 2025$8MBRIDGE LOANLoan converted into a construction bridge loan, during the construction period only (18 months)$8MBRIDGE LOAN PAID OFFconstruction bridge loan paid off, by separate JPM Chase construction loan. $8MPERMANENT LOANLoan converted to a new permanent loan to Citrus Grove at 4.53% interest for a term of 55 years.$8M