DOWNEY - Construction of The View, the affordable housing project proposed for downtown, could begin this winter after the development was approved for more than $8 million in federal tax credits, city officials announced this week. The View was one of only 12 developments in Los Angeles County to have been selected by the California Tax Credit Allocation Committee to receive $8.8 million in federal income housing tax credits.
The tax credits were the final piece of financing necessary to move the project forward, city officials said.
The 50-unit complex will offer two- and three-bedroom apartments, a community center, gardens, computer lab and controlled access gates. It will be marketed to low- and moderate-income families.
If construction begins later this year as tentatively scheduled, it would open by summer 2014. Housing applications will be available in 2014. City leaders hope the housing development will place more people downtown to shop and eat, while providing affordable housing options.
"This new development will be a great addition to our city and will help further our commitment to revitalizing our Downtown area," Mayor Roger Brossmer said in a statement. "We are excited for this project to be underway as it will provide working families affordable rental homes with close proximity to Downtown Downey jobs and nearby services."
The View is slated to have 35 2-bedroom units with proposed rents from $516 to $895, according to an application filed with the California Tax Credit Allocation Committee, and 14 3-bedroom units with rents from $591 to $1,030. The development will generate about $508,000 in annual rent, city officials estimated.
For project-related questions, call James Kim with developer National Community Renaissance at (909) 483-2444.
********** Published: August 02, 2012 - Volume 11 - Issue 16