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Lake Forest approves $4.35 million loan for Aspen Court affordable housing project
Summary
The Lake Forest City Council and Housing Authority approved a $4,350,000 loan to National Community Renaissance (National CORE) for the Aspen Court affordable housing project, a 50‑unit, four‑story development with a 55‑year affordability term and a dedicated room for Lake Forest Police Services.
The Lake Forest City Council and Lake Forest Housing Authority on Tuesday approved a loan agreement providing $4,350,000 to National Community Renaissance (often referred to as National CORE) to develop Aspen Court, a proposed 50‑unit affordable housing project at 22471 Aspen Street.
The project plan presented by city staff describes a four‑story courtyard building with 50 units: “21 bedrooms, 16 2 bedrooms, and 14 3 bedrooms,” 69 parking stalls, and on‑site amenities including a community room, tot lot, barbecue area, laundry facilities and a dedicated room for Lake Forest Police Services.
Why it matters: The project helps the city meet state housing obligations (the regional housing needs assessment, or RHNA) and uses local affordable housing funds that must be expended for qualifying projects. Staff said the…
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