Eric Richardson [Flickr]

DOWNTOWN LOS ANGELES — The Community Redevelopment Agency yesterday issued a press release stating that it had approved a $96 million bond package that would lead to $44 million in renovations to Angelus Plaza, the 1100 unit senior housing development on the eastern edge of Bunker Hill.

The Times covers the story today. We ran details of the bond package back in January.

A complex financial restructuring will put $56 million toward creating new affordable housing, half locally and half across the country.

City Council approval is required for the deal to be finalized.

PREVIOUSLY: Angelus Plaza to Get $44 Million Renovation (January 9, 2008)