Fri, Aug 17 2012 11:48 AM Posted By: Allison K. Sampité
The Congregational Towers Apartments is on its way to getting a facelift.
The 186-unit affordable complex for low-income seniors, which was built in 1973, will begin renovations as early as Jan. 1, 2013, and be completed within a year.
The Chula Vista City Council on Tuesday took preliminary actions to apply for a tax-exempt bond allocation to assist the Congregational Development Corporation with financing and submit an application to the Department of Housing and Urban Development for tax credit allocation.
The corporation has owned and operated the complex for 39 years.
Originally financed through the Department of Housing and Urban Development, the Chula Vista Housing Authority will act as the bond issuer, getting tax-exempt bond allocation.
In order to take advantage of tax credits, the corporation will sell the project to a new partnership named Congregational Tower Partners LP, which will acquire and rehabilitate the property using bond financing and support nearly 80 percent of the estimated $39.9 million project cost.
The Retirement Housing Foundation requested the Housing Authority consider the issuance of $20.9 million in unrated tax-exempt bonds.
Redevelopment and housing manager Mandy Mills said the renovations would help ensure long-term use and viability.
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