Culver City : Council OKs HUD Agreement
The City Council has approved a contract with the federal Department of Housing and Urban Development for 20 additional rental-assistance units, bringing the city’s total to 224.
The federal subsidy program pays up to 70% of rents that are at fair market value.
Applications for the units can be obtained from the city’s housing office. Preference will be given to Culver City residents and employees.
The council also approved an agreement between the Redevelopment Agency and Goldrich and Kest Industries Inc. for the development of Culver City Royale, a 97-unit senior housing project at Overland Avenue and Culver Boulevard. Under the agreement, the agency will sell about $4.6 million in revenue bonds for tax-exempt financing of the project, in which 20% of the units will be reserved for low- and moderate-income tenants. Construction is expected to begin in six months.
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