March 22, 2016
The City of Moreno Valley is loaning $4.5 million to Rancho Belago Developers, Inc. for affordable housing projects. The loans will be provided through state and federal grants.
The city also plans to assist the company in applying for $16.7 million in state tax credits. To help address federal rules on the use housing funds, Moreno Valley will temporarily take ownership of the property before transferring it to Rancho Belago.
The proposed development would include 141 apartments on eight acres that was approved in 2013. The Moreno Valley-based developer plans to build the apartments in two phases, starting with 72 units in four, three-story, buildings made up of one-, two- and three-bedrooms.