Affordable Housing Project Bond OKd

The City Council has approved Many Mansions’ plans to issue $4.7 million in bonds for rehabilitation of the Island Village apartment complex.

The bonds, to be issued on behalf of the affordable housing group by the California Statewide Communities Development Authority, would make up the major chunk of funding needed to rehabilitate the 80-unit complex for use as affordable housing. The city would bear no liability for that bond issuance.

Meanwhile, a city bond issuance of up to $12.5 million is scheduled to go before the council within a month. That money would be used for a variety of affordable housing projects.