HomeNewsUS$ 163M Approved for Construction of Affordable Housing Complexes in Los Angeles

US$ 163M Approved for Construction of Affordable Housing Complexes in Los Angeles

Resolutions authorizing the release of up to US$ 163M in financing for the construction of new affordable and permanent supportive housing complexes in Los Angeles’ Florence-Firestone, Alhambra, and West L.A. VA cities, have been approved by the Los Angeles County Board of Supervisors.

The funds will benefit Meta Housing Corp. which is seeking almost $58.1 million to construct a new six-story structure dubbed The Metro @ Florence on the Florence Car Wash at 7220 Maie Avenue. The building, which will be built next to the A Line’s Florence Station, will feature 160 studio, one-, and two-bedroom apartments for formerly homeless people and households earning 30 to 50 per cent of the local median income. Renderings show a white, green and grey modern podium-style structure with a common room, an outdoor courtyard, a roof deck, and on-site supported services.

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The funds will also go towards the implementation of another project at 2111 Firestone Boulevard, roughly a half-mile east of the A-Line in Florence-Firestone. Project applicant Domus Development is seeking approximately US$ 26.9M in bond financing to redevelop the roughly 36-acre site into a six-story building featuring 85 studio, one-, and two-bedroom apartments, reserved for households earning at or below 30 and 50 per cent of the area median income level.

The contemporary podium-type building will also include a workout room, offices, a lobby, staff parking, and on-site services provided by HousingWorks, a New York City-based non-profit fighting AIDS and homelessness.

Other beneficiaries of the US$ 163M affordable housing complexes funding in Los Angeles

At the West LA VA Campus, Century Housing Corp., a Culver City, California-based private, nonprofit lender to developers building affordable housing targeting low- and moderate-income wage earners, is poised to receive US$ 47.2M in bond financing for the conversion of Buildings 157 and 157, which were originally offices and a medical clinic, into housing developments.

Also Read: SoLa Vermont Apartment Complex Construction in Los Angeles Begins

Post-redevelopment plans call for 112 units of permanent supportive housing reserved entirely for veterans. The apartments will be offered at rents considered affordable to individuals earning at or below 30 and 50 per cent of the area median income level.

The funds will also go towards the development of The Mariposa on Second apartments that are set to rise at 46 South Second Street in the City of Alhambra. Applicant American Family Housing is seeking up to US$ 20.8M in bond financing for the construction of the new six-story building featuring 49 one- and two-bedroom apartments, including supportive housing priced for households earning no more than 30 per cent of the area median income level and generally affordable units priced for households earning up to 50 per cent of the area median income.

In addition to housing, The Mariposa on Second apartments will include office space for staff and social services providers, as well as a community centre, public parking, and cultural space.

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