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Housing commission recommends $500,000 loan for West Oaks affordable apartments
Summary
The Carlsbad Housing Commission voted 4-0 Oct. 9 to recommend that the City Council approve an additional $500,000 loan from the Housing Trust Fund to Chelsea Investment Corporation to help finance the West Oaks affordable housing development.
The Carlsbad Housing Commission on Oct. 9 voted 4-0 to recommend that the City Council approve a $500,000 additional loan from the Housing Trust Fund to Chelsea Investment Corporation for the West Oaks affordable housing project.
Nicole Piena Jones, senior program manager with Housing and Homeless Services, told commissioners the West Oaks development is part of a larger 192-unit project adjacent to Palomar Airport Road, east of Aviara Parkway, in which the developer agreed to set aside 20% of units as affordable. "Staff recommends that the Housing Commission approve a resolution recommending that the city council approve an additional $500,000 loan to Chelsea Investment Corporation," Jones said.
The recommendation…
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