COUNCIL OKS LOAN FOR SENIOR-HOUSING COMPLEX.

Byline: - Rachel Uranga

The City Council approved a $1.3 million loan for a 176-unit senior- housing complex across the street from City Hall in an attempt to aid seniors struggling to find affordable housing in a tight market.

The loan, approved unanimously by the council late Monday, is one of four approved this year for housing for the poor and those of modest means. Half of the units in the new project are considered ``affordable'' and will rent from $525 to $960 a month.

``It's our duty to make sure there's housing for everyone that lives in our city,'' said Councilman Steven Sojka. ``We've priced a lot of them out of the market.''

For every affordable-housing unit available in the city, there are 100 seniors on the waiting list, Mayor Bill Davis said. Currently in the city, there are 552 affordable senior-housing units. City officials point to the four loans granted this year as evidence of how quickly they turn the city's tax dollars into tangible projects.

Davis said funds from the city's redevelopment areas - where the tax dollars for affordable housing comes from - are turned around and used for actual projects at ``lightning speed.''

On average, the redevelopment areas bring in $10 million yearly - $2 million of which must be spent on affordable housing.

This year, the city has approved $6 million in loans for affordable housing projects, Davis said.

The latest project approved is part of a larger retail and town-house development planned on 35.4 acre site at Tapo Canyon Road and Avenida Simi that is expected to bring in millions for the city.

Roseville-based developer USA Properties Fund, Inc. will build 176 one- and two-bedroom units for seniors on a 4.3-acre area of the site, which also includes a Kohl's department store set to open in March.

In addition to the loan, money for the project will come from a $15 million bond pulled together from a mix of federal, state and local funding, approved by officials Monday.