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By Joe Naiman
Village News Correspondent 

Financing for Pine View Apartments approved

 

Last updated 6/24/2019 at 9:52am



Financing for the renovation of the Pine View Apartments complex was approved by the San Diego County Board of Supervisors.

The supervisors’ 4-0 vote, June 4, with Greg Cox at the National Association of Counties conference, authorized the California Statewide Communities Development Authority to issue up to $20,000,000 of revenue bonds for Pine View Preservation to acquire and rehabilitate the 101-unit complex in the 1100 block of Alturas Road.

The California Statewide Communities Development Authority was created to provide local governments, nonprofit public benefit corporations and private entities with access to low-cost, tax-exempt financing for projects which create jobs, help communities prosper and improve the quality of life for local residents. Since its inception in 1988 the CSCDA has issued more than $60 billion of tax-exempt bonds.

The CSCDA is a joint powers authority whose members consist of more than 530 cities, counties and special districts. The CSCDA has the statutory authority to issue bonds, notes or other financing documents in order to promote economic development, including the provision and maintenance of multi-family housing. However, the jurisdiction in which the project is located must approve the project and the financing in order for the CSCDA to issue the financing mechanism.

The Pine View Apartments complex includes a three-bedroom unit used by employees and totaling 1,100 square feet, 76 two-bedroom and one-bathroom units each of which are 925 square feet, and 24 one-bedroom units with 600 square feet of living space. The complex also has a swimming pool, a children’s playground, two laundry facilities and on-site parking.

Pine View Preservation will oversee the operations of the Pine View Apartments complex. The company is a subsidiary of Lincoln Avenue Capital, which was founded by the Bronfman family, which is better known for their Seagram’s liquor products, and focuses on affordable housing.

The county’s approval of the bonds does not make the county liable for any financial obligations. The CSCDA rather than the county will issue the bonds, and Pine View Preservation is responsible for their repayment.

 

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