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Fillmore council approves $500,000 loan for 50-unit Fillmore Terrace supportive housing project
Summary
The Fillmore City Council unanimously authorized a $500,000 deferred loan from the former redevelopment housing set‑aside to help finance Fillmore Terrace, a 50‑unit permanent supportive housing development by People's Self Help Housing Corporation. The funding aims to strengthen the project's low‑income housing tax credit application.
The Fillmore City Council voted unanimously Jan. 27 to authorize a $500,000 deferred loan from the city's former Redevelopment Agency housing set‑aside to support the Fillmore Terrace, a 50‑unit permanent supportive housing project developed by People's Self Help Housing Corporation.
City staff told the council the loan will be structured as a deferred residual receipt loan with a 55‑year term and an interest rate of 0 to 3 percent and that the city plans to use the funds to make the project more competitive for low‑income housing tax credits. Staff reported the project's total development cost at $16,768,332 and said the financing package includes state and county sources, a Ventura County Housing Trust Fund contribution and other loans…
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