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Monrovia council approves tax-exempt financing to convert Oak Park Apartments to affordable housing
Summary
Monrovia City Council on April 1 held a TEFRA public hearing and approved Resolution No. 2025‑17 allowing the California Statewide Communities Development Authority to issue tax‑exempt bonds to buy and convert Oak Park Apartments into a fully income‑restricted property.
Monrovia City Council on April 1 held a public TEFRA hearing and adopted Resolution No. 2025-17 allowing the California Statewide Communities Development Authority (CSCDA) to issue tax-exempt multifamily housing revenue bonds for the Oak Park Apartments, a 156-unit complex at the Primrose/Olive/Colorado block.
The action authorizes the CSCDA to proceed with a bond issuance (aggregate principal not to exceed $65 million) that would enable a nonprofit/developer partnership led by Foothill Affordable Housing Foundation and Post Real Estate Group to acquire, refinance and rehabilitate Oak Park and restrict all 156 units at affordable income levels. City Manager Dylan Feek told the council that the hearing and council resolution are required by federal law but that “the city is not being requested to issue the bonds. We are not being…responsible or liable for payment of the bonds.”
Why it matters: the proposal would convert existing market-rate units into a 100 percent income‑restricted property, keeping the site’s 55 senior‑restricted units intact while reducing rents for current residents. Supporters said the plan reduces the environmental and traffic…
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