GROUP GETS BONDS FOR HOUSING; MANY MANSIONS SEEKING TO OVERHAUL RUN-DOWN SITE.Byline: David Greenberg The creator of this article, or someone who has substantially contributed to it, may have a conflict of interest regarding its subject matter. It may require cleanup to comply with Wikipedia's content policies, particularly neutral point of view. Daily News Staff Writer Many Mansions has secured up to $3 million in bonds toward the purchase and conversion of one of the city's most dilapidated apartment buildings into a low-income housing project. The housing agency estimates it will need an additional $1.8 million in city funds and state grants to complete the conversion of the 45-unit Park Terrace Apartments on Erbes Road by the spring of 2000. ``This is a win-win for Many Mansions and the city because we're cleaning up a problem and creating affordable housing,'' said Daniel Hardy Hardy may refer to:
"Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. ) that conditions like this exist in this city.'' The 36-year-old building, currently at full occupancy, suffers from rat infestation infestation /in·fes·ta·tion/ (-fes-ta´shun) parasitic attack or subsistence on the skin and/or its appendages, as by insects, mites, or ticks; sometimes used to denote parasitic invasion of the organs and tissues, as by helminths. , collapsing floors, leaking leak v. leaked, leak·ing, leaks v.intr. 1. To permit the escape, entry, or passage of something through a breach or flaw: pipes and significant termite termite or white ant, common name for a soft-bodied social insect of the order Isoptera. Termites are easily distinguished from ants by comparison of the base of the abdomen, which is broadly joined to the thorax in termites; in ants, there is damage, he said. Many Mansions will only ask the California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). Statewide Communities Development Authority to issue the bonds if the housing agency is able to secure additional funds to complete the project. The additional money may include a $1 million grant the agency will seek early next month from the state Department of Housing and Community Development. The state offices has already awarded Many Mansions $2 million toward construction of the 11-unit Stoll House residential project, and the purchase and conversion of a motel into the 50-unit Village Inn community and housing center. Although Park Terrace has not been appraised, Hardy said his office expects to pay more than $3 million. Tenants' monthly rents - expected to be $520 to $825 - will be used to pay off the bonds. ``Many Mansions' goal is to charge as low a rent as possible,'' Hardy said. ``But that means we have to raise more money.'' The future housing project will open too late to move Thousand Oaks Thousand Oaks, residential city (1990 pop. 104,352), Ventura co., S Calif., in a farm area; inc. 1964. Avocados, citrus, vegetables, strawberries, and nursery products are grown. toward its General Plan mandate of providing an additional 1,350 low-income units by the end of 1999. ``It's not going to happen by the end of 1999,'' said Douglas Tapking, executive director of the Area Housing Authority. ``There are not enough people building low-cost units. The cost of construction for low-income housing is no different than the cost of construction for high-income housings. The difference is, the ability to pay the debt on the low-income housing is restricted by the income of the individuals living there.'' The city currently has 1,282 units of low-income housing, records show. Many Mansions alone is expected to make an additional 160 units available in the next 13 months after the renovations to the Island Village Apartments and the purchase of the Village Inn are complete. |
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