City to Finance Renovation of 406 Affordable Housing Units Through Bonds

The Long Beach City Council unanimously approved financing for renovations of 406 affordable housing units in West Long Beach, the city announced yesterday.

In a press release issued Wednesday afternoon, the city announced the renovations of the Springdale West Apartments and noted that such city-financed projects focused on low-income housing have been increasingly rare throughout the state due to financial constraints.

"Preserving these existing affordable units in West Long Beach is important for local families and stability for the neighborhood," said Mayor Robert Garcia in a statement.

In the release, officials said municipal support of the project was necessary to guarantee the preservation of the units if funding from the US Department of Housing and Urban Development (HUD) for the housing development expires, which is expected to occur in six months.

City government support allows the California Statewide Communities Development Authority (CSCDA) to issue tax-exempt bonds (expected to be issued in September) that would help the Springdale Preservation Limited Partnership finance the purchase and renovation of the units.

"Local government support of the project and the bond issuance is required, even though the City bears no financial obligation or risk related to the project," said Amy Bodek, director of Long Beach Development Services in a statement. "Without City support, the development's affordability covenants would expire within the next six months, putting these families at risk of becoming homeless."

The Springdale apartments were built in the 1970s for low income households in Long Beach, which are defined as earning $25,000 to $50,000 per year.

The bond issuance will provide funding for new kitchen appliances, countertops, cabinets, water heaters, updated landscaping, painting, fencing and a new swimming pool, developing a total of 80 jobs for the process.



Share this:


NEVER MISS A STORY