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.