Council OKs Bonds to Rehabilitate Housing
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Despite a long debate, the Camarillo City Council has unanimously agreed to issue $10 million in bonds to build and rehabilitate low- and moderate-income housing in the city’s old town area.
The council in September will issue $8 million in bonds to Newport Beach-based KDF Holdings so it can purchase and rehabilitate the Park Glenn Apartments.
In addition, city leaders will issue $2 million in bonds for the construction of 20 units on an adjacent property for low-income housing.
The 150-unit Park Glenn Apartments have 80% low-income tenants, but the complex could be 100% low-income after rehabilitation.
KDF Holdings will return to the city when the council authorizes issuance of the bonds and approves where the company is going to invest them.
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