LA County finances 6 affordable residential projects amid housing crisis
The projects total 577 units and will need around $235M in additional funding
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