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Escondido council approves $3 million in HOME funds for Valley Creek senior apartments
Summary
After public debate over whether expiring HOME funds should go to tenant-based rental assistance or a permanent senior housing project, the council voted 5–0 to allocate $3 million to Valley Creek Senior Apartments, a 136-unit 100% affordable project including 14 units set aside for veterans experiencing or at risk of homelessness.
The Escondido City Council voted unanimously to allocate $3,000,000 in HOME funds to the Valley Creek Senior Apartments, a proposed 136-unit affordable senior development that staff and the joint-venture developers say will include on-site supportive services and 14 units specifically set aside for senior veterans.
Danielle Lopez, the city's housing and neighborhood services manager, told the council the proposed amendment would use approximately $583,000 in HOME funds scheduled to expire as well as about $2.4 million in future HOME allocations to assemble a local subsidy package for the project.…
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