Low-income housing on path to OK

first_img AD Quality Auto 360p 720p 1080p Top articles1/5READ MORESanta Anita opens winter meet Saturday with loaded card The nonprofit Burbank Housing Corp., which operates about 200 affordable housing units in Burbank, will perform an estimated $220,000 in rehabilitation to the units, with a loan coming from the Redevelopment Agency, officials said. The city is proposing a $75,000 reserve fund for the first five years of the operation of the project as a rent subsidy. During the first five years, if sufficient revenues are generated, the Burbank Housing Corp. will use excess revenues to build up a long-term reserve account that will replace the agency’s rent subsidy reserve after the first year of operations. Jason Kandel, (818) 546-3306 jason.kandel@dailynews.com IF YOU GO: The Burbank City Council meets at 6:30 p.m. Tuesday in Council Chambers, 275 E. Olive Ave. 160Want local news?Sign up for the Localist and stay informed Something went wrong. Please try again.subscribeCongratulations! You’re all set! BURBANK – The City Council on Tuesday is expected to consider approving $415,000 for five new affordable housing units for low-income residents. If the Valencia Properties project is approved, officials will have to relocate four families from 313 W. Valencia Ave. Officials would lease the properties to the Burbank Housing Corp., a nonprofit developer, to provide the units to low-income residents over a term of 55 years. “If (the council) approves it, this will be another step in the city’s goals of providing affordable housing for lower-income residents of Burbank,” said Doug Swoger, the city’s housing development manager. “There is a tremendous need for affordable (housing) units in Burbank, the region and Los Angeles County.” In May 1999, the city’s Redevelopment Agency paid nearly $222,000 for a single-family home at 427 W. Valencia and $344,155 for a four-unit apartment building at 313 W. Valencia Ave. to be set aside as affordable housing. last_img

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