Fresno apartment complex gets $4.1M bond for renovation
- Published on 04/25/2012 - 2:10 pm
- Written by Business Journal staff
The Mono Hilltop Manor Apartments in Fresno are one step closer to getting a facelift, as The Hampstead Companies secured $4.1 million in the form of a tax-exempt bond.
The California Statewide Communities Development Authority helped The Hampstead Companies obtain the funding for the apartments, which exclusively houses low- or very low-income residents.
“We’re thrilled to partner with CSCDA on this vital project which will preserve long-term affordable housing in the City of Fresno.” said Jeff Jallo, principal for The Hampstead Companies, in a release. “It was only possible because of CSCDA. The partnership with CSCDA allows us to access the bond market in a cost-effective and efficient way. The Mono Hilltop Manor Apartments project will create jobs and spur economic activity.”
The release also indicated the construction and rehabilitation of the apartments, which will begin on May 1, will create 126 jobs and more than $9.8 million in economic activity.
Expected completion for the project is set for sometime near the end of the year.