Last week, the Los Angeles County Board of Supervisors unanimously approved the issuance of roughly US$15 million in tax-exempt bonds to Domus Development for the building of a new affordable housing complex in El Monte’s central area. The Ramona Metro Point apartments, planned for a vacant city-owned site at 11016 Ramona Boulevard, would be a multi-story structure with 50 one-, two-, and three-bedroom apartments restricted to households earning between 25% and 40% of the Los Angeles area median income for a term of 55 years. Almost half of the flats would be set aside for homeless households with at least one individual suffering from a serious mental illness.
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According to a project landing page on Domus partner business Newport Partners’ website, the project will consist of a four-story U-shaped skyscraper. In addition to housing, plans call for social service providers to have on-site offices, community gathering spaces, and parking for 76 vehicles. The new financing granted by the Board of Supervisors supplements current support for Ramona Metro Point, which includes US$5.5 million in No Place Like Home Grants, a US$1.1 million Infill Infrastructure Grant, and US$5.7 million in state Multifamily Housing Program funds. The approved bond funding will contribute to an overall project budget of US$28.7 million. Other funding sources include Los Angeles County’s No Place Like Home program.
More on the Domus Development housing complex
Romana Metro Point, less than a half-mile east of Metro’s El Monte Station, the busiest bus station on the West Coast, joins a slew of large mixed-use and multi-family residential buildings planned or under construction on publicly-owned land surrounding the transit hub, as well as additional affordable housing developments rising next to the city’s Metrolink station. Domus Development is now working on comparable developments in Koreatown, Panorama City, and Echo Park.
