Written by The Business Journal Staff
At a meeting held Tuesday in Sacramento, the California Strategic Growth Council unanimously approved $121.9 million in competitive grants and loans to 28 housing and transit-friendly infrastructure projects designed to reduce greenhouse gas emissions.
Included in the awards was a $4.8 million grant to APEC International LLC, a Los Angeles-based developer that purchased the historic Hotel Fresno property in 2014 and plans to spend $23 million to rehabilitate the seven-story structure and build 79 residential apartment units.
Lefeba Gougis, general counsel for APEC International, said the company hopes to start construction work on the project later next year.
The grant awards are part of the Affordable Housing and Sustainable Communities Program, which is being implemented by the Department of Housing and Community Development in coordination with the Strategic Growth Council and California Air Resources Board.
Funds for the awards are generated by proceeds from the state’s new cap-and-trade auctions.