County Ups Loan On Rialto Apartment Rehab Project

San Bernardino County will loan an additional $275,000 toward an effort to renovate existing residential stock in Rialto to create affordable housing in that largely blue collar city of 99,191.
Upon the recommendation of Dena Fuentes, the director of the San Bernardino County Department of Community Development and Housing, the board of supervisors this week increased funding for the Park Place Apartment Community Project from $1,000,000 to $1,275,000 for additional repairs to the property.
On November 6, 2012 the board of supervisors entered into an agreement with Rialto Family Housing Partners II, L.P, a company chosen by the city of Rialto to participate in its city improvement efforts, to provide a loan in the amount of $1,000,000 in Neighborhood Stabilization Program funding for the rehabilitation of an affordable family 8-unit development within an existing target area currently under renovation by the city of Rialto. “Over the past five years the city of Rialto has acquired and completed major rehabilitation of twelve buildings within this target neighborhood, converting these severely dilapidated units into quality affordable housing,” Fuentes told the board of supervisors. “The city of Rialto completed the acquisition of the remaining two foreclosed buildings in December of 2012 and commenced rehabilitation with city of Rialto and county of San Bernardino Neighborhood Stabilization Program funding. Given the age and location of this development, project management  staff recommends additional contingency funds for concrete and fencing work to ensure the development has adequate funds to provide security for the residents. It is recommended the board approve this amendment to increase the loan from $1 million to $1,275,000 for the additional rehabilitation and security costs. The county will reconvey the original deed of trust for $1,000,000 and record a new deed of trust against the property for $1,275,000 to provide security for its investment.”
In return for the assistance provided it by the county and the city of Rialto, Rialto Family Housing Partners II has agreed to charge low and moderate rents to those tenants who qualify for the rental rate assistance.

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