Council Approves $25.7 Million for Housing Projects
The City Council approved $25.7 million in affordable housing loans Wednesday, including nearly $7 million to help build three apartment complexes in the San Fernando Valley.
The Valley projects are: Lakeview Manor, a 56-unit building in Lake View Terrace; Vintage Crossing Senior Housing, a 161-unit facility in Canoga Park, and Noble Senior Housing, an 85-unit complex in Sherman Oaks.
Seventeen projects were selected citywide for the federal loans, which must be repaid within 30 years by income from the projects, said Ruperto Albelda, the city’s acting director of housing development.
The new units will be reserved for people with low to moderate incomes. A family of four with an annual income of $39,500 or below would be eligible, Albelda said.
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