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Affordable housing complex made green With financial help from the city of San Jacinto’s Redevelopment Agency, an apartment complex has been renovated with energy efficient features that should help residents save on utility bills. The $1.8 million in agency funds helps the city meet legal requirements to provide affordable housing. City officials and Long Beach-based nonprofit LINC Housing Corp. celebrated the renovation Friday at the Terracina Apartments on Santa Fe Avenue. The grant “assisted LINC in their ability to purchase the project and to help them with some of their rehabilitation costs,” Steven Pasarow, city redevelopment manger, said by phone. The two-story complex was built about 15 years ago, using tax exempt bonds that required rents to stay affordable for 15 years, then rents could move to market rates. The redevelopment assistance includes a condition to keep rents affordable for 69 years, Pasarow said, likely the life of the complex. LINC acquired the complex in June 2008. Tax exempt bonds, tax credit equity and a state housing loan helped cover the $6.9 million acquisition and renovation cost, LINC said in a news release. The complex has 55 two- and three-bedroom units and a manager’s unit. Another unit was converted into a community center. Energy saving features include insulation, solar power for outdoor lights, energy efficient water heaters and appliances, and double-paned windows. Calculations done for the project show an expected 25 percent improvement in energy efficiency, LINC project manager Allison Riley said by phone. The units are for those earning 50 to 60 percent of Riverside County’s median income. For example, a family of four could earn up to $39,960. Rents are $443 to $725 a month. All units are rented. Copyright © The Press-Enterprise |