DOWNEY - Facing a funding shortfall, housing developer National Community Renaissance, also known as National Core, is seeking a one-year extension on its application to build a six-story, 50-unit downtown affordable housing complex in Downtown Downey. In its request for an extension, National Core said it obtained unused federal housing funds from the City of Industry to finance the bulk of the project, but was unable to secure an allocation of federal income housing tax credits which would have been used to fund the balance. National Core said it would "restructure their tax credit application and resubmit it in the first round of 2012," city officials said. According to its deal with the city of Downey, National Core is allowed a single application extension not to exceed one year. The city already razed the half-acre site at 8214 2nd St. where the apartment complex is slated to be built. The Planning Commission will consider the extension request Wednesday.
UPDATE: The extension application was swiftly and unanimously approved with no comment.