Paramount
A recently built senior citizens housing complex, which had been renting only to Paramount residents, will be opened to non-residents April 25, city officials said.
The 157-unit Town Center Terrace at 16200 Vermont Ave., which opened Jan. 1, is about two-thirds full, said Sandy Groves, assistant city manager. The one-bedroom apartments rent for $462 a month.
City residents can still apply to rent in the complex, and those with low and moderate incomes who qualify can receive rental assistance under a city program, Groves said.
Under the rental subsidy program, which is funded from $320,000 in redevelopment money, residents age 62 and older are required to pay up to 30% of their income for rent.
The rental assistance program was approved by the City Council late last year and will be in effect for one year. After one year, the council must authorize another program or apply to the county for rental assistance, Groves said.
The complex was built for $5 million by a private developer with the city contributing $2 million and the county providing the remainder through tax-exempt mortgage revenue bonds.
Information may be obtained by calling 531-3503, ext. 326.
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