FW: W/CORRECT DATE: RIDLEY-THOMAS APPLAUDS BOARDS' VOTE TO APPROVE BONDS TO FINANCE SENIOR HOUSING DEVELOPMENT

 

 

 

 

 

   FOR IMMEDIATE RELEASE

 

     September 15, 2009                                                                                                            Contact:      Aurelio Rojas 213-280-6579

                                                                                                                                                                          James Bolden 213-200-5314

              

SUPERVISOR RIDLEY-THOMAS APPLAUDS BOARDS’ VOTE TO APPROVE BONDS TO

FINANCE SENIOR HOUSING DEVELOPMENT IN WEST ATHENS/WESTMONT AREAS

 

LOS ANGELES – Acting on a motion by Supervisor Mark Ridley-Thomas, the Board of Supervisors today approved the issuance of up to $8 million in Multifamily Housing Mortgage Revenue Bonds to finance the acquisition and construction of a 62-unit rental housing development in the unincorporated West Athens/Westmont areas.

 

According to the County’s Community Development Commission, the Board action was “a necessary step” to provide bond financing for the 105^th Street Normandie Senior Housing project.

 

Supervisor Ridley-Thomas called the proposal a “high-water mark in terms of public-private projects” and said it will increase the supply of affordable multifamily housing in the area.

 

“I commend the Housing Authority for taking the steps to provide appropriate financing to meet the pressing affordable housing needs for low-income populations,” the Supervisor said.

 

The project will be a three-story apartment building, comprised of 55 one-bedroom units and seven two-bedroom units.

 

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