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CRA SEEKS PROPOSALS FOR $3 MILLION HOUSING CONSTRUCTION PROGRAM IN WATTS

 CRA SEEKS PROPOSALS FOR $3 MILLION
 HOUSING CONSTRUCTION PROGRAM IN WATTS
 Affordable Housing Plan Offers Home Ownership Option
 WATTS, Calif., Aug. 5 /PRNewswire/ -- Posting a "Notice of Program Availability" (NOPA) representing more than $3 million in construction loans, the Community Redevelopment Agency (CRA) announced it is seeking proposals from developers and local property owners to construct affordable family housing units in residential areas of Greater Watts.
 The program is geared to encourage owners of vacant lots in Watts neighborhoods to transform their empty lots into attractive residential housing ranging from single-family homes to four-unit apartment buildings.
 Developers and property owners may be eligible for low-interest or deferred loans and technical assistance provided by CRA staff.
 "The housing program will expand the stock of available family housing in Watts and also improve, strengthen and help stabilize the residential areas," said Jim Wood, CRA board chairman.
 The NOPA invites developers to submit proposals for the construction of rental, lease/purchase and ownership housing in a designated area of Greater Watts generally bounded by 103rd Street, Mona Boulevard, Imperial Highway and Central Avenue.
 The program will provide rental opportunities for very low- and low-income families and give qualified low- and moderate-income families the option to purchase a home. The rental/lease purchase component of the program provides for the transfer of the title of ownership to qualified very low-income families who have resided in the units as renters for at least 20 years.
 Proposals must be submitted by Sept. 30, 1992. Detailed proposal requirements, program guidelines and applications are included in the NOPA.
 To obtain a copy of the Watts Family and Large Family Housing Notice of Program Availability, send a signed request to the Community Redevelopment Agency, attention: Helen Taylor, Housing Department, 354 S. Spring St., Suite 300, Los Angeles, CA 90013. Include your signature, date, company name and/or contact person and address. For more information, call the CRA Watts site office at 213-564-5791.
 -0- 8/5/92
 /CONTACT: Marc Littman or Gayle Anderson, both of Community Redevelopment Agency, 213-977-1951/ CO: Community Redevelopment Agency ST: California IN: CST SU:


LS-AL -- LA010 -- 7039 08/05/92 11:02 EDT
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Publication:PR Newswire
Date:Aug 5, 1992
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