BURBANK : City OKs Funds for Seniors Housing
The Burbank City Council, acting as the redevelopment agency, gave final approval to spending $4.6 million on a 163-unit senior citizen apartment complex near downtown.
The 4-0 vote Tuesday night means construction on the $9-million project in the 1100 block of West Olive Avenue may start as soon as January and be completed late next year, said the developer, Michael Cusumano.
The city’s redevelopment agency purchased the site for $3.45 million in March and as part of the agreement will turn the 1.1-acre parcel over to the developer. Cusumano Development also will receive $1.17 million in city money during a three-year period.
About 20% of the one-bedroom apartments will be rented to seniors who earn no more than 60% of the median income for Los Angeles County. The rest will be rented to seniors earning less than 80% of the county median.
Sign up for Essential California
The most important California stories and recommendations in your inbox every morning.
You may occasionally receive promotional content from the Los Angeles Times.
