The funding commitment includes an existing acquisition and pre-development loan of $467,735 and will support the construction of an approved project by Community Corp. of Santa Monica at 1342 Berkeley Street. The four-story building will feature 13 one-bedroom apartments, with five units set aside for transition-aged youth earning up to 50 percent of the area median income level, and the remaining eight apartments reserved for families earning up to 30 percent of AMI.

Read More: https://smmirror.com/2023/04/santa-monica-approves-9-7m-loan-for-affordable-housing-development/