Council Approves Bonds for Affordable Housing
The Los Angeles City Council approved $21 million in bonds Tuesday to create additional affordable housing in Pacoima.
Although the city was required to hold a public hearing on the measure, it will bear no liability for the bond issue, said Bobken Simonians, project finance manager at the city Housing Department.
The bond will be issued by the California Statewide Communities Development Authority, a governmental group sponsored by the California League of Cities to help promote economic growth. The Pacoima project is one of five--and the only one in Los Angeles--that will be included in a larger bond issue.
No public comments were made at the brief hearing held by the City Council.
The money will renovate the Pierce Park Apartments, a 430-unit complex located at 12700 Van Nuys Blvd. The project will include amenities such as computer-training rooms and play areas for children, Simonians said.
The new apartments, the bulk of which are two-bedroom units, will be restricted to low- and moderate-income families. Simonians said that a family of four would pay $693 per month for a two-bedroom apartment.
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