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Housing authority moves to buy Elm Street Commons to preserve 52 affordable units
Summary
The Anaheim Housing Authority voted to acquire Elm Street Commons Apartments and to purchase the primary loan for $2.88 million using low- and moderate-income housing funds to prevent foreclosure and maintain affordability for 52 units serving households at 30–60% AMI.
The Anaheim Housing Authority approved an option to purchase Elm Street Commons Apartments and authorized the purchase of the property's primary loan for $2,880,000 using low- and moderate-income housing funds, officials said on July 15. The authority also authorized a reserve of up to $230,000 for emergency maintenance during the interim ownership period.
The 52-unit rental property, located at 111–125 W. Elm Street, is 100% affordable and serves families earning between 30% and 60% of…
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