LA County finances 6 affordable residential projects amid housing crisis

The projects total 577 units and will need around $235M in additional funding

Los Angeles /
Jul.July 10, 2019 10:00 AM
SRO Housing Corporation and Bridge Housing Corporation were among the developers to receive county debt for their affordable projects
SRO Housing Corporation and Bridge Housing Corporation were among the developers to receive county debt for their affordable projects

Affordable housing developers are getting a boost from Los Angeles County, which is providing the financing on six projects totaling 577 units.

The county will loan a total of $40.9 million to developers on three affordable projects in L.A., along with one each in El Monte, Lancaster and Long Beach, according to Urbanize.
The developers are collectively expected to leverage another $235 million in funding for their projects, according to the report. That means the county funding accounts for about 15 percent of the total funding needed.

Despite a mounting affordable housing crisis in L.A. County — which is now short half a million affordable units — financing on those projects has become harder to secure.

Low-Income Housing Tax Credits are a main source of funding, but have lost value since the 2017 federal tax overhaul.

For the county financing, the largest recipient was Bridge Housing Corporation’s 180-unit mixed-use complex. That will rise at a county-owned site in South L.A., and received a $10.8 million loan. Primestor Development and Coalition for Responsible Community Development are also involved in that project.

SRO Housing Corporation received $5.5 million for a 121-unit project in Westlake and Abbey Road Inc. received funding for a 103-unit Sun Commons project in the San Fernando Valley, and an 80-unit project in Lancaster. Other recipients were Cesar Chavez Foundation’s 53-unit project in El Monte and LINC Housing Corp.’s 56-unit project in Long Beach. [Urbanize]Dennis Lynch 


Related Articles

arrow_forward_ios
Greystone's Hafize Gaye Erkan with 1657 N. Western Avenue (Greystone)
Bond financing kickstarts affordable senior housing complex in Hollywood
Bond financing kickstarts affordable senior housing complex in Hollywood
Protests outside of City Hall and Councilmember John Lee (Andrew Asch, Councilmember John Lee, Illustration by Priyanka Modi for The Real Deal with Getty)
LA City Council extends eviction moratorium
LA City Council extends eviction moratorium
Mayor Sue Himmelrich (City of Santa Monica, Getty)
Santa Monica moving to tighten rent control rules
Santa Monica moving to tighten rent control rules
Santa Monica Homes
Santa Monica, WeHo most expensive rent cities in LA County
Santa Monica, WeHo most expensive rent cities in LA County
California governor Gavin Newsom and state senator Scott Wiener (Getty)
Analysis: Report puts California housing shortage in national perspective
Analysis: Report puts California housing shortage in national perspective
Architect Frank Gehry and rendering of Ocean Avenue Project (Getty, Ocean Avenue Project)
Santa Monica approves Frank Gehry project
Santa Monica approves Frank Gehry project
Uncommon Developers’ Jason Larian and Ryan Hekmat with a rendering of 6728 Sepulveda Boulevard (LinkedIn, Works Progress Architecture)
Uncommon Developers plans 405-unit complex in Van Nuys
Uncommon Developers plans 405-unit complex in Van Nuys
CIM Group’s Shaul Kuba with 6611-6637 Hollywood Blvd
CIM Group plans 146 apartments on Hollywood’s Walk of Fame
CIM Group plans 146 apartments on Hollywood’s Walk of Fame
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...