A growing number of cities are entering into deals in which newer apartment buildings are purchased with tax-exempt bonds to be turned into affordable units.
A 36-unit condo project in the Washington Neighborhood gained a key approval from the Long Beach Planning Commission Thursday but neighbors of the project are concerned of its impact on parking.
To accomplish this the city will enter into an agreement with the California Statewide Communities Development Authority to issue bonds for the purchase of the Oceanaire from its current operator, Waterford Property Group.
The Long Beach Planning Commission unanimously on Thursday approved a pilot program that would allow developers to construct up to 500 micro-units in the Midtown and Downtown areas of the city.
In another effort to combat Long Beach’s—and the state’s—housing crisis, the Long Beach Planning Commission is considering a pilot program to allow for the development of micro-units in certain parts of the city.
The adopted policy will set aside 11% of new rental units for very-low income households and 10% of new ownership units for moderate income households.
The public got its first glimpse this week of a draft inclusionary housing ordinance that has been in the works for nearly three years.
The deal would cap annual rent increases at 5% plus inflation, with a 10% maximum increase.
Section 8 vouchers allow tenants to pay only 30% of their income toward rent with federal assistance to pay the rest. But most landlords do not accept tenants who pay with vouchers, saying they are too burdensome.
The funds will help rehabilitate the interior and exterior of units at Carmelitos, which officials said will positively affect nearly 200 children younger than 6 who are residents, authorities said.