REAL ESTATE

Palm Springs Grant: Corporate Fund for Housing in Irvine has received a $590,000 grant from the Palm Springs Community Redevelopment Agency to assist in the acquisition and rehabilitation of a 108-unit apartment complex in that desert resort city.

The Palm Springs Housing Authority also has approved a $4.5-million tax-exempt bond issue to finance the Irvine development group’s purchase of the apartments.

Corporate Fund for Housing is one of the largest nonprofit affordable-housing developers in the state. It owns and operates 845 senior citizen apartments in Los Angeles County.

The corporation also is working with Irvine Co. officials to try to get a 544-unit affordable senior citizen rental project on the boards in Orange County. Early plans call for the project to be split among four sites--two in Irvine, one in Newport Beach and one in unincorporated areas between the two cities--said Michelle DeKoter, Corporate Fund’s director of financial development.