Hollister council members, acting as the Redevelopment Agency
Board, last week approved the last loan to the low-income Vista
Meadows project in the amount of slightly more than $1.5 million,
bringing the total commitment from the city to South County Housing
in the agreement to $3.7 million.
Hollister council members, acting as the Redevelopment Agency Board, last week approved the last loan to the low-income Vista Meadows project in the amount of slightly more than $1.5 million, bringing the total commitment from the city to South County Housing in the agreement to $3.7 million.
Council members approved the supplemental appropriation to fulfill the amount deemed necessary by the nonprofit housing organization, and in doing so they OK’d an owner participation agreement with South County Housing.
Vista Meadows is a very low- and low-income senior housing project located on Park Street. At a previous board meeting, the RDA Board had approved the total loan amount for $3.7 million, according to a staff report.
The project would remain under its affordable designation for 55 years, the report notes.
The action taken by the RDA Board was the last necessary step, before construction, in the process for the agency.
Construction is scheduled to start in the spring, according to the city report.
For more on this story, see the Pinnacle on Friday.
