Belagio Apartments - a 152-unit income restricted complex - could be built on East Atherton Drive.
The Manteca City Council last week approved the issuance of $17 million in tax-exempt bonds through the California Statewide Communities Development Authority (CSCDA) to allow Manteca Atherton Associates to build the project on part of the parcel they have approved for 300 apartment units east of Van Ryn Avenue and the 295-unit Paseo Villas apartments.
The development firm would still have authorization to construct 150 at-market apartment units between the proposed income-restricted complex and Van Ryn Avenue. It was originally approved as a 300-unit complex dubbed Tesoro Apartments.
Belagio Apartments will consist of a tot lot, BBQ area, and community room with kitchen, fitness room, computer room, and laundry facilities. Each unit would have blinds, carpeting, patios, and appliances.
Tax-exempt bonds allow for the building of affordable housing.
The (CSCDA) is a joint powers authority sponsored by the California State Association of Counties and the League of California Cities.
The mission is to provide local governments and private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth and improve the overall quality of life in local communities throughout California.
More than $46.6 billion in tax-exempt debt issued since the organization’s inception in 1988.
The Manteca City Council last week approved the issuance of $17 million in tax-exempt bonds through the California Statewide Communities Development Authority (CSCDA) to allow Manteca Atherton Associates to build the project on part of the parcel they have approved for 300 apartment units east of Van Ryn Avenue and the 295-unit Paseo Villas apartments.
The development firm would still have authorization to construct 150 at-market apartment units between the proposed income-restricted complex and Van Ryn Avenue. It was originally approved as a 300-unit complex dubbed Tesoro Apartments.
Belagio Apartments will consist of a tot lot, BBQ area, and community room with kitchen, fitness room, computer room, and laundry facilities. Each unit would have blinds, carpeting, patios, and appliances.
Tax-exempt bonds allow for the building of affordable housing.
The (CSCDA) is a joint powers authority sponsored by the California State Association of Counties and the League of California Cities.
The mission is to provide local governments and private entities access to low-cost, tax-exempt financing for projects that provide a tangible public benefit, contribute to social and economic growth and improve the overall quality of life in local communities throughout California.
More than $46.6 billion in tax-exempt debt issued since the organization’s inception in 1988.
