Council Oks Veterans Village

The city's part of the deal will include $5.3 million in cash and land, according to a city report. Much of the city funding comes from federal grants. The developer plans to also apply for about $8 million in federal tax credits that can be sold to profitable organizations or individuals in exchange for project financing.

Andrew Gross, principal at Thomas Safran & Associates, said the developer may be awarded the tax credits next July. Once that happens, the developer may begin construction in September. The project may be complete in early 2015.

The council also entered into an agreement to develop another project that may house senior veterans.

Community Development Partners is set to rehabilitate a two-story apartment building at 311 E. Cypress St. The 18-unit project is reserved for low-income seniors, but six units will be given priority preference for veterans.

The city plans to contribute about $1.5 million in federal grants to the roughly $4.2-million project. Community Development Partners also plans to apply for $2.4 million in tax credits to cover development costs.

The monthly rent will range from $448 to $961 for studios and one bedrooms and applicants must have a similar income range, depending on family size, as Veterans Village.

The Cypress project may be complete in about 12 months, with construction possibly beginning next March, city officials said.

The city is not accepting applications for both projects. Glendale officials plan to create an application process when the developments are under construction.