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Bond Sale OKd to Finance Azusa Housing Complex

December 04, 1986

The county Board of Supervisors on Tuesday unanimously authorized the sale of $5.1 million in revenue bonds to finance construction of a 112-unit housing complex that will set aside 20% of its units for low- and moderate-income families in Azusa.

Under a requirement of the Federal Housing Administration, which supports the project, the Azusa Gardens complex at 600 E. 8th Street will provide below-market rental rates for low- or moderate-income families.

Charles Taylor, manager of capital finance for the county's Community Development Commission, said a family with an annual income of $10,000 to about $15,000 could qualify for a three-bedroom apartment at a rent of $377 a month.

Moderate-income families, whose earnings ranged from $15,000 upwards, could qualify for a three-bedroom apartment renting for $603. Those rents are well below market in the Azusa area, he said.

"The neat things about this project is that it will provide some three- and four-bedroom units, which are a lot harder to find both for low- and moderate-income families," Taylor said.

The other 89 units will be rented at regular market values, he said.

A federal Housing and Urban Development grant of $1.87 million was approved for the project in 1984, and the bonds will provide the balance of the financing. Construction of the apartment complex is expected to begin in 1987, with completion expected in early 1988.

The complex will be owned by Azusa Gardens Limited Partnership of Los Angeles.

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