Ground Breaking Held for Manhattan Place Apartments

Ground breaking has been held on a 27,000-square-foot site at 538 S. Manhattan Place for the Hancock Terrace Apartments, a 67-unit, one-bedroom complex earmarked for rental to small families and the elderly.

The project represents a joint venture of the federal government, providing funds from the housing development action grant; the city of Los Angeles with tax-exempt bond financing and community development block grant funds; Golden State Sanwa Bank, the guarantor for the bonds, and the Lowy Development Corp., project developer.

The city, with the housing division of the Community Development Department as program administrator, issued $1,375,000 in tax-exempt bonds for the project. In addition, the city is providing $781,819 in federal funds to insure affordable rent levels for the 17 units designated for low-income occupancy.

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