Bonds for Van Nuys Seniors Facility OKd
Los Angeles City Council on Wednesday approved construction of a complete care facility for senior citizens in Van Nuys--the first of its kind in Los Angeles to receive a tax subsidy.
The 11-0 vote sent the $5-million tax-exempt bond issue for construction of the 98-unit development to Mayor Tom Bradley for his expected approval.
The Mid-Valley Royale Project will be at 6951-6961 Lennox Ave. It will contain 98 studio apartments, each large enough to house two seniors.
Rents, which will range from $900 to $1,225 a month, will cover the cost of housing and three meals a day, served in a common dining area. Housekeeping services, recreation programs and transportation are also covered by the rent.
Councilman Ernani Bernardi, in whose district the project is situated, said he persuaded the developer, Goldrich, Kest & Associates, to provide more than the usual public benefits, including setting aside 20% of the units at reduced rents for low-income seniors until the bonds are repaid, which often takes 30 years. Usually, developers are required to set aside 20% of the housing for low-income residents for only 10 years.
In return for receiving a tax subsidy, the developer will be required to build 25 units for low-income families downtown.
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