LA County finances 6 affordable residential projects amid housing crisis

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

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

AIDS Healthcare Foundation executive director Michael Weinstein is suing the center of measure HHH

AIDS Healthcare Foundation sues city over Skid Row project

Councilmembers Mitch O’Farrell and Curren Price

LA invalidates evictions that landlords sent amid passage of new rent control law

LA City Attorney Mike Feuer at a rally in South LA last year

City accuses affordable developer of stealing public funds for South LA project

California Governor Gavin Newsom (Credit: Gage Skidmore via Flickr)

Newsom says state “set the table” on housing in 2019

A rendering of FlyAwayHomes’ HHH project in South LA and Mayor Eric Garcetti, who led the push to approve Prop HHH.

LA has now funded 8.5K units of affordable housing through $1.2B bond

From left: Gavin Newsom and David Chiu (Credit: Getty Images and iStock)

Will rent control dent the multifamily market? Lenders, investors weigh in

Developer Pinyon Group’s 486-unit project would sit two blocks away from the Heritage Square Gold Line.

Developers of massive Lincoln Heights resi project change tack to collect city incentives

Governor Gavin Newsom and Senator Nancy Skinner (Credit: Getty Images and iStock)

Developers rejoice: Newest state law aims to boost housing production