DEVELOPER SEEKS HIGHER SUBSIDIES : COMPANY OFFERS TO REDUCE SENIOR PROJECT'S RENTS WITH CITY HELP.Byline: Terry Kanakri Daily News Staff Writer Rebuffed a month ago by the city's Affordable Housing Subcommittee sub·com·mit·tee n. A subordinate committee composed of members appointed from a main committee. subcommittee Noun , a developer of a $10.5 million senior housing complex in Wood Ranch ranch, large farm devoted chiefly to raising and breeding cattle, horses, sheep, and goats. The cattle ranch was introduced from Latin America to Texas and the plains of the W United States and Canada. has proposed charging less for rent in return for an increase in city subsidies. In a revised plan to be reviewed by the housing panel Wednesday Wednesday: see week. , AMCAL This article or section needs sources or references that appear in reliable, third-party publications. Alone, primary sources and sources affiliated with the subject of this article are not sufficient for an accurate encyclopedia article. Affordable Communities Inc. of Westlake Village proposes rents of $408 to $513 per month depending on seniors' income. The rents would be 21 percent to 35 percent less than originally proposed. In return, AMCAL is asking the city to provide it with $450,000 in financial assistance to build the 134 low- and 15 very-low-income apartments on 7.6 acres at the southwest end of Wood Ranch Parkway. AMCAL also wants the city to apply for and allocate To reserve a resource such as memory or disk. See memory allocation. $900,000 in federal grant money earmarked for affordable housing to help the company buy land and cover preconstruction financing. ``(City officials are) being asked to give a little bit more to support the lower rent,'' said Arjun Nagarkatti, AMCAL's project manager. ``But they will benefit in the long run because tax credit projects are set up to be affordable for the next 55 years. It's a small price to pay to have this inventory of affordable housing.'' But the price may be too high, city officials said, noting that AMCAL's proposal to lower the rents relies heavily on city tax dollars. ``The numbers are OK, but when you start looking at what he wants in return, it's easy to lower the rents as long as we're subsidizing it,'' said Mayor Pro Tem [Latin, For the time being.] An abbreviation used for pro tempore, Latin for "temporary or provisional." A person who acts as a temporary substitute serves pro tem. Bill Davis For the artist, animator, creative director, see . For the baseball player, see .
Councilwoman Barbara Williamson, who also serves on the Affordable Housing Subcommittee, said she too is reluctant to recommend approval of a project that relies heavily on the city to subsidize sub·si·dize tr.v. sub·si·dized, sub·si·diz·ing, sub·si·diz·es 1. To assist or support with a subsidy. 2. To secure the assistance of by granting a subsidy. rents. ``Why don't I go and build one and ask the city to give me the money?'' she said. AMCAL sought help in financing the project at last month's meeting of the Affordable Housing Subcommittee. The company was rebuffed by panel members who said proposed rents ranging from $519 to $792 a month were too high. Under the new proposal, about half the cost of the $10.5 million project would be financed by federal tax credits, and the rest through a combination of city subsidies and bank loans, Nagarkatti said. He said the city's participation is essential and that the complex cannot be built without it. If approved by the City Council, the affordable housing project would be available for seniors next spring, Nagarkatti said. CAPTION(S): Photo Photo: (color) Bill Davis Worried about burden on city |
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