Tax-Exempt Multifamily Bonds Get County’s Nod

Two tax-exempt multifamily housing revenue bond issues totaling $44.5 million have been approved by the Los Angeles County Board of Supervisors for development of about 805 units in up to 17 multifamily projects.

One of the issues, totaling $31.5 million, will be used to develop about 613 units in as many as 16 projects in the unincorporated county and in Palmdale, South Gate, Monrovia, San Gabriel, Long Beach, Burbank and Hawthorne. The other bond issue, not to exceed $13 million, will be used for 192 units at 23599 San Fernando Road in the unincorporated Newhall area.

The housing-revenue bond program is used as a way to counter the county’s multifamily vacancy rate of 1.4%. Eligible projects must maintain at least 20% of their available units at so-called “affordable rents” for at least 10 years. Maximum rents deemed affordable are $461 for a one-bedroom unit and $519 for a two-bedroom apartment.