The Los Angeles Community Redevelopment Agency allocated $660,000 on Thursday to help develop a low- and moderate-income housing project in North Hollywood.
The money, in the form of a grant to a nonprofit developer called the L.A. Family Housing Corp., will be used to buy the property at 5321 Harmony Drive and to pay pre-development costs for the 20-unit apartment complex, agency officials said. The grant is subject to City Council approval.
The developer will seek state grants and state and federal tax credits for the rest of the $2.3-million construction cost, the agency said. Construction could start within the next six months and the complex could be finished by the fall of 1991, the agency said. Apartments will rent for $390 to $700 a month.
Community Redevelopment Agency funds were used to build two low-income housing complexes on Harmony Avenue, as well as for two low-income projects on which construction will start soon, the agency said.