Monrovia : Housing Project Supported
Calmark Co., which is building a 240-unit senior citizens housing project on Royal Oaks Drive, will be supported by the city in its efforts to obtain permanent financing for the $16-million project through the county Housing Authority.
Under the program, the authority makes low-interest bond financing available to developers of housing for senior citizens. In return, the developer makes at least 20% of the units available to low-income seniors for at least 15 years.
The city will have no financial commitment, but its approval was needed for the county to consider the request. The city has urged that priority for the low- income units be given to Monrovia residents.