The City of Santa Monica has approved $8.3 million in funding for a new affordable housing development at 14th and Michigan by developer EAH Housing.
Total costs for the project are estimated at $29.5 million and the money recently approved by City Hall is for land acquisition, closing and predevelopment costs. An additional round of city funding is expected once permits for the project are in process with a total projected contribution of about $14.8 million.
Red More: https://www.smdp.com/santa-monica-provides-gap-financing-through-the-housing-trust-fund/175660