COMPLEX HELPS RELIEVE SENIOR HOUSING SHORTAGE.Byline: Mary Schubert Daily News Staff Writer A new 188-unit apartment complex built with more than $9 million in federal funds Federal Funds Funds deposited to regional Federal Reserve Banks by commercial banks, including funds in excess of reserve requirements. Notes: These non-interest bearing deposits are lent out at the Fed funds rate to other banks unable to meet overnight reserve will help alleviate a shortage of housing for low-income senior citizens in the San Fernando Valley San Fernando Valley Valley, southern California, U.S. Northwest of central Los Angeles, the valley is bounded by the San Gabriel, Santa Susana, and Santa Monica mountains and the Simi Hills. , officials say. Residents began moving into Valley Village Senior Apartments in December, but the grand opening ceremony with Los Angeles Los Angeles (lôs ăn`jələs, lŏs, ăn`jəlēz'), city (1990 pop. 3,485,398), seat of Los Angeles co., S Calif.; inc. 1850. Mayor Richard Riordan Richard J. Riordan (born May 1, 1930) is a Republican politician from California, U.S. who served as the California Secretary of Education from 2003–2005 and as Mayor of Los Angeles from 1993–2001. Riordan ran for Governor of California unsuccessfully in 2002. , City Councilman Michael Feuer Michael Feuer (1958-)[1] is a Californian politician and lawyer. He now represents the 42nd Assembly District which includes Beverly Hills, West Hollywood, and part of Los Angeles in the California State Assembly. He was elected in 2006 on the Democratic ticket. and scores of senior citizens was held Thursday afternoon at the three-story complex, at Chandler and Laurel Canyon boulevards. "The lack of affordable housing for everyone - but especially for seniors - is one of the most pressing problems we have throughout the country," said Michael Costa, president of Kaufman and Broad Multi-Housing Group, builder of the project. Monthly rents at Valley Village range from $298 to $538, said Judy Snow of Insignia Management, the on-site managers of the complex. Residents must be at least 62 years old, with an annual income between $15,840 and $21,540, she said. More than two-thirds of the units have been leased. Prospective residents may tour the units that still are vacant and apply for residence, Snow added. The one- and two-bedroom apartment complex was built as a public-private partnership. Much of the funding for the $16 million project came from the city through federal government subsidies - Department of Housing and Urban Development grants, along with a low-income housing tax credit The Low Income Housing Tax Credit (LIHTC; often pronounced "lye-tech") is a tax credit created under the Tax Reform Act of 1986 (TRA86) that gives incentives for the utilization of private equity in the development of affordable housing aimed at low-income Americans. offered by the Internal Revenue Service, said Gary Squires, general manager of the Los Angeles Department of Housing. |
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