Funds Supported for N. Hollywood Apartments

A Los Angeles City Council committee Tuesday recommended spending $955,000 to help finance 99 low- and moderate-priced apartments in North Hollywood to replace housing units lost by redevelopment of downtown Los Angeles.

If the full council approves the recommendation of its Grants, Housing and Community Development Committee, the funds would come from property taxes generated by the downtown Bunker Hill Redevelopment Project.

The council previously has approved using Bunker Hill redevelopment funds for similar projects throughout the city, including others in the North Hollywood Redevelopment Project.

State law prohibits using funds from a redevelopment project outside the project unless the council finds the expenditure benefits the project, according to a report presented to the council committee.

Emma McFarlin, the city’s assistant chief legislative analyst who gave the report, said the expenditure will benefit the Bunker Hill project by replacing housing lost through redevelopment.

The $955,000 will go toward the $7.6-million cost of developing the 99-unit North Hollywood Park Apartments, made up of three buildings at 11269 and 11247 Morrison St. and 5047 Bakman Ave.

The bulk of the remaining cost will come from tax revenues generated by redevelopment in North Hollywood and a low-interest loan provided by the California Housing Finance Agency. The loan will be repaid by rental of the units.

Construction of the apartments is scheduled to begin this summer, with completion set for the spring of 1986. Proposed monthly rents will be $470 for one-bedroom and $650 for two-bedroom apartments.