State Agency Grants Loans for Low-Income Housing Projects
The state Department of Housing and Community Development has awarded $5.5 million in low-interest loans to 13 projects for acquisition and renovation of low-income housing for the homeless and mentally disabled.
Four Southland projects--hotels or group homes--include a $1-million loan to the Young Men’s Christian Assn. for a 127-room hotel in Pasadena; the Church and Temple Housing Corp., $945,000 for two adjoining Los Angeles hotels with a total of 63 rooms.
Also, Church and Temple Housing Partnership, $430,853 for a 29-room residential hotel in Los Angeles, and the Downtown Senior Center Corp., $1 million for an 80-room residential hotel in San Diego.
The Special User Housing Rehabilitation Program loans are made available with 3% simple interest and the principal deferred for 30 years, according to Christine Reed, department director.
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