A $15.5 million, multi-property construction and renovation project in Grand Boulevard will move forward through financial measures approved today by City Council.
The work by The Community Builders Inc. will include the rehabilitation of 45 affordable family units and the construction of 14 affordable units for artists.
The rehabilitation work will involve Cornerstone Apartments, a pair of three-story buildings constructed in the 1990s at 731 E. 50th Place and 4950 S. Langley Ave. Ranging in size from one-to three-bedrooms, the buildings will receive new windows, floors, roofs, kitchens and bathrooms. Units will be leased to residents earning up to 60 percent of area median income (AMI).
The new construction will involve three buildings proposed for two vacant lots in the 600 block of east 50th Street. One-and two-bedroom apartments within the three-story structures would function as live/work spaces for artists earning up to 80 percent of AMI.
City assistance will include $2 million in Tax Increment Financing (TIF), a $1.3 million loan, $955,000 in Neighborhood Stabilization Funds, $1.6 million in donations tax credit equity and $955,000 in Low Income Housing Tax Credits that will generate $9.5 million in equity.
# # #