Council OKs Loan of $1.4 Million to Builder
The Los Angeles City Council voted Tuesday to lend an additional $1.4 million to a developer seeking to build a 241-unit subsidized housing project in Sun Valley.
The request for the additional money was sought by the city’s Community Redevelopment Agency, which stepped in a year ago to save the project by agreeing to lend Thomas Safran, the Brentwood-based developer, $5 million.
The project, to be built on a 9-acre site between Strathern and Lorne streets, has been in the works for five years. The total projected cost of the development is now $24 million.
Boosting the CRA’s loan by $1.4 million was needed to cover additional costs, including those of complying with a new city fire sprinkler ordinance.
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