City Will Buy Bonds for Seniors Housing
The City Council this week agreed to acquire $10 million in bonds for a developer to build a 164-unit housing project for seniors.
The developer, Institutional Property Investors Inc., is responsible for repaying the bonds and all city costs related to their issuance.
The bond money is expected to cover most land acquisition and development costs for the project, proposed for a 1.9-acre site at Main and Florida streets.
As planned, the Five Points Seniors Villas apartment complex would set aside 33 units for low-income seniors. Monthly rent for the apartments would range from $473 to $895.
In exchange for the low-income housing, the developer is seeking a $675,000 financing package from the city Redevelopment Agency. Thus far, the agency has denied the developer’s request.
A consultant to the agency has recommended that it not provide any financial assistance for the project. In a letter to the agency, the consultant said the developer would have to provide twice as many low-income housing units to justify the level of aid it is requesting.
The Planning Commission and City Council are expected to consider approving the final proposal later this year, after the financial differences between the developer and the agency are resolved.
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