We continue to make great strides on our construction of Imagine Village II, having reached 43% complete! Please see our progress in the photos attached. We are currently on target to complete the building at the end of June of next year. Questions still remain whether we will be able to get electrical equipment in a timely manner so that we can finish our final sign offs and occupy on schedule. We expect to have a much better understanding about the electrical supplies by early February 2023.
Sun Commons continues to be stalled on the utility front with delays with permanent power and gas hookups by the utility companies and some supply side delays. We are still slowly receiving our cabinets and are installing as fast as they arrive and we continue to work on finishing the interiors of the units. We poured sidewalks the week of November 21st are continue our site work and finishing up the work on the North Hollywood Office parcel.
We received 6,804 applications for 50 general affordable units, had our lottery and have begun contacting applicants to qualify them for the units.
We continue to work towards a mid February occupancy date. This will slide if we can’t get electrical sign offs by Nov 19.
Check out some additional photos of Sun Commons below!
The Rigby will hear back from HCD in December as to whether the project was awarded the final public loan source for the project. We are applying for Project Based Vouchers from the Housing Authority this month and should hear if we are successful in early January. If these are both successful then we will apply for tax credits and tax exempt bonds in April and still hope to close and begin construction by the end of 2023.
The Main applied for County housing loan funds in November and we expect to know if we were successful in January. This project also needs State funding. That application will likely come out around June 2023. We also applied for Project Based Vouchers from the Housing Authority and should hear if we are successful in early January.
We continue to look for new developments and are chasing site in Downey, Rosemead and Pasadena currently.