Downtown housing project stalls

DOWNEY - Facing a funding shortfall, housing developer National Community Renaissance, also known as National Core, received a one-year extension Wednesday on its application to build a six-story, 50-unit downtown affordable housing complex in Downtown Downey.In its request for the 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 $7.6 million in 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." 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 $20 million apartment complex is slated to be built. Planning commissioners approved the application extension Wednesday without comment. The city of Downey purchased the land two years ago. -Eric Pierce, city editor

********** Published: September 22, 2011 - Volume 10 - Issue 23