New Development to Rise in the North San Fernando Valley

As many affordable housing developers deal with the challenge of the end of redevelopment agency funding, some are able to move forward on projects because they don’t require significant public subsidy. Century’s latest loan closing is a $2,000,000 site acquisition loan to Aszkenazy Development, Inc. for the site of Harding/Fermoore in the City of San Fernando, where 112 apartments (in two buildings) for low-income families get under construction in late 2012.

elevation of Fermoore Bldg.

This project will be built without any funding commitments from the City of San Fernando or Los Angeles County, as both of those jurisdictions, like most in California, have budget issues that preclude significant support for affordable housing. The high demand for low income housing credits and low loan interest rates make it possible to build without those direct subsidies, however, if developers have the confidence to proceed.