Monrovia
The vacant Wilson Hotel at 105 E. Olive St., a dilapidated residential hotel built in 1903, will be rehabilitated and converted into 14 apartments for low- and moderate-income senior citizens, according to Monrovia redevelopment officials.
CDC Properties, a subsidiary of the nonprofit Los Angeles Community Design Center, will finance the project with a $175,000 loan from the county’s Community Development Block Grant funds, a $522,500 loan from the Bank of America under the California Housing Finance Agency’s tax-exempt mortgage revenue bond program, and a $120,000 loan and $40,000 grant from the Monrovia Redevelopment Agency.
Rents will be subsidized through the county’s Housing Assistance Moderate Rehabilitation Program.
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