L.A. Council OKs Pacoima Housing Bonds
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The Los Angeles City Council Tuesday voted to ask the state to approve a $10.5-million tax-exempt bond issue to help pay for a 256-unit housing project in Pacoima.
The 12-0 vote sent the request to Mayor Tom Bradley for his expected approval.
As a condition for using tax-exempt bonds, the developer of the project at 11300 Glenoaks Blvd. must set aside 20% of the units for at least 15 years for low-income tenants at below-market rents. Rents for those units will be $332 a month; other units will rent for $487. All units will be one bedroom.
To qualify for lower rent, an individual must earn less than $12,500 a year, and a couple must make less than $14,350.
The state Mortgage Bond Allocation Committee is expected to approve the project, which should be completed in about 1 1/2 years.
This is part of a tax-exempt bond program established by the federal government to stimulate development of low-income housing. The bonds, which are repaid from tenants’ rents, provide developers with loans at lower rates than conventional bank financing.
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