By Daniel Ritz
City Council unanimously voted to approve a resolution to authorize a joint powers agreement that allows issuance of revenue bonds, not to exceed $67.5 million dollars, to the Caritas Corporation for the purpose of financing and refinancing the acquisition and improvement of mobile home parks and other low-income multifamily housing facilities, including those at 33951 Silver Lantern in Dana Point.
Caritas Corporation currently operates more than 4,500 affordable housing units throughout California.
Councilman Joe Muller voiced his support of the Caritas Corporation model for affordable housing, calling it “innovative and progressive.”
The joint powers agreement allows tax exemptions such as some property taxes. It was explained that with issuance of the revenue bonds from the California Municipal Finance Authority (CMFA) and the City of Dana Point, all responsibility for debts owed lie solely on the Caritas Corporation.
The Caritas Corporation facility on Silver Lantern is under the operating authority of the Friendship Shelter, located at 13335 S. Coast Hwy in Laguna Beach. This location consists of 15 housing units available to qualified tenants as well as one permanent, but not full-time occupied office unit. Tenants, who must be qualified and registered as “chronically homeless” are to adhere to a modified lease that holds them responsible to legal and standardized rental requirements.
For more information on Caritas Corporation visit www.caritascorp.org, and for more information on the Friendship Shelter of Laguna Beach, visit www.friendshipshelter.org.
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