SunCurrent-200x200-1EXCERPT: “Having signed a purchase agreement last spring to acquire Seasons Park Apartments, an affordable-housing preservation group is receiving financial assistance from Richfield Housing and Redevelopment Authority. In order to help keep rents down while improving the property, the HRA voted unanimously Aug. 21 to issue a $150,000 no-interest loan to Aeon, a nonprofit that signed a purchase agreement in April to keep the 422-unit property out of the hands of a developer that, according to the fears of affordable-housing advocates, would have forced out a multitude of low-income residents. The loan will help Aeon qualify for a special property tax status – called 4d – that applies to low-income rental housing, according to Community Development Director John Stark. Aeon’s goal is to rent all units at Seasons Park at levels affordable to tenants who earn 60 percent of the area median income, according to Blake Hopkins, a project manager at Aeon. Currently, rents at the property are affordable for tenants making between 50 and 54 percent of the area median income, Hopkins said. But work is needed to enhance living conditions at Seasons Park, he added.” FULLSTORY: