The city of Arroyo Grande will spend almost $1.5 million to buy a 2.5-acre property to build affordable rental housing. The City Council, acting as the board of directors for the citys Redevelopment Agency, voted unanimously this week to make the purchase. As many as 56 homes or apartments can be built on the 104,186-square-foot property at Courtland Street and East Grand Avenue.
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[Source: Yahoo! News Search Results for housing loan]
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