Pasadena : Sale of Housing Site OKd
Plans for the sale of city-owned property at 471 N. Los Robles Ave. and the construction of eight low- and moderate-income housing units on the site was approved Tuesday by the Board of Directors.
The parcel will be sold to Villa Los Robles Partners, which will spend $800,705 to acquire the land and build the project in Northwest Pasadena.
The developers will receive a $326,500 loan from the city’s Community Development Commission. The corporation plans to obtain a conventional loan of $354,100 and to invest $120,105 of its own money in the project.
City Director Chris Holden, concerned at the 30-year time period for paying back the city loan, asked that city staff members look into ways of speeding up repayment.
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