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Sunnyvale Assists in Acquisition of Affordable Rental Housing Complex
Sunnyvale, CA --
The City of Sunnyvale has helped ensure the protection of 222 units of low-income housing in Sunnyvale. The City loaned over 2.8 million dollars of federal Community Development Block Grant and HOME funds to Mid-Peninsula Housing Coalition to help finance the purchase of Homestead Park, a 222-unit apartment complex on Tenaka Way. This purchase ensures that the rental rates at Homestead Park apartments will remain affordable to low and moderate income families for the next 55 years. "The complex was at risk of conversion to market rate rents. At a time of increased need, we are pleased to be able to help preserve affordable housing in our community," stated Robert Paternoster, Director of Community Development.
The total purchase price of Homestead Park was over 19 million dollars. Additional financing for the purchase was provided by the California Housing Finance Agency and generated by tax credit financing provided through the State of California Low Income Housing Tax Credit Program.
Mid-Peninsula Housing Coalition will manage the complex. A major renovation of the complex is scheduled for completion this year.
For more information, contact the Housing Division at (408) 730-7250 or e-mail housing@ci.sunnyvale.ca.us.
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