Local News in Brief : Warner Housing Bond Sale OKd
The Los Angeles City Council took another step Tuesday toward providing tax-supported financing for construction of 1,279 apartments in Warner Center.
Acting as the city Housing Authority, the council approved the sale of $144 million in tax-exempt bonds. The council on June 22 approved the bond sale over the objections of two of its members that the taxpayers shouldn’t subsidize private development in an affluent area.
In return for the low-interest loan made available by the bond issue, the developer of the Warner Center project, the Casden Co., will be required to set aside 2O% of the units for 12 1/2 years for families with annual incomes of less than $23,050 a year.
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