Council OKs Bonds for Housing Project
The Los Angeles City Council has approved $21 million in bonds to create additional affordable housing in Pacoima.
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.
The money will be used to renovate the Pierce Park Apartments, a 430-unit complex at 12700 Van Nuys Blvd. The project will include amenities such as computer training rooms and play areas for children, said Bobken Simonians, project finance manager at the city Housing Department.
The apartments, most of which are two-bedroom units, will be restricted to low- and moderate-income families. Simonians said a family of four would pay $693 per month for a two-bedroom unit.
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