Rehab begins on low-income units
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A Pasadena low-income housing complex has begun much-needed rehabilitation after receiving funding from two finance companies eager to make the 25-year-old development more livable.
Related Capital Co. and Charter Municipal Mortgage Acceptance Co. recently provided $10 million in equity for tax credits and financing through bond investments to Northwest Pasadena Development Corp. to upgrade the 133-unit Community Arms.
Built in 1977, the complex’s 18 two- and three-story buildings -- occupied entirely by low-income, federally subsidized renters -- will undergo renovation, including central air-conditioning, garbage disposals and new appliances for each unit. Four playgrounds, a basketball court, covered carports and security will be added, plus a 5,000-square-foot learning center.
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