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Housing project on hold

Affordable apartment complex plan stall

Posted: December 1, 2008 8:34 p.m.
Updated: December 2, 2008 4:55 a.m.
 

Plans to convert a Canyon Country apartment complex to affordable housing have stalled due to the national credit crunch, a Santa Clarita city official said Monday.

The 67-unit Hidaway Apartments were due to close escrow at the end of this year but a state agency is unable to see the deal through due to the current economic turmoil, said Paul Brotzman, director of community development for the city.

"It's one of the important funding sources," Brotzman said of the California Housing Financing Agency. "Until that is resolved, it's kind of tied up."

The holdup comes months after the Santa Clarita City Council approved a $2.7 million loan and the Los Angeles County Board of Supervisors approved a $1.6 million loan to the nonprofit group Mercy Housing California of San Francisco to buy and rehabilitate the Canyon Country apartment complex, located near the intersection of Soledad Canyon Road and Whites Canyon Road.

The project is supposed to be funded by Community Development Block Grants, federal grants administered by local entities.

The rehabilitation, which drew the ire of some Canyon Country residents, would involve the remodeling of the bathrooms and bedrooms and replacement of fences and outdoor amenities, among other improvements to the 22-year-old complex.

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