Developers land $43M to construct affordable housing projects across LA County

The funds from the Board of Supervisors will help construct or preserve more than 850 units

Mar.March 06, 2020 10:00 AM
From left: Renderings of La Veranda and The Chesterfield (Credit: Abode Communities/Urbanize)
From left: Renderings of La Veranda and The Chesterfield (Credit: Abode Communities/Urbanize)

The Los Angeles County Board of Supervisors this week approved $43 million in loans to partially fund 11 affordable housing projects across the county. In all, the loans would help construct or preserve more than 850 units, the county board said.

One of the projects will occupy two Boyle Heights sites owned by the Metro transit agency at the intersection of Cesar E. Chavez Ave. and Soto St. The county is putting $2 million into the $56 million project, which will feature 77 residential units above 8,000 square feet of ground floor retail space, according to Urbanize.

The Supervisors also voted to loan $7 million to National Core, which is constructing another East Los Angeles project at 3rd St. and Dangler Ave. That four-story complex will provide 78 affordable units and a 39-car garage — at a total expected cost of $42.3 million.

In South Los Angeles, Wakeland Housing and Development Corporation will receive $2 million in public funds for its Chesterfield Apartments at the corner of 48th Street and Normandie Avenue. The budget for that five-story project, which will provide 43 affordable units, is $24 million.

In Panorama City, the officials have set aside $14 million from the affordable housing trust fund to help with the $93 million construction of the Corazon del Valle complex, which is being developed by Clifford Beers Housing. That project, which will be located on county-owned property at 14545 Lanark Street, will provide 180 affordable units.

The county is contributing $2 million to help with the construction of the Palm Vista development, a joint venture of Hollywood Community Housing Corporation and GTM Holdings. That project, which will cost a total of $48.5 million, will provide 91 units.

In Long Beach, the county is contributing $5.2 million to a $53.8 million BRIDGE Housing Corps. project to build 88 apartments in a five story structure on the corner of Anaheim Boulevard and Walnut Ave.

Anaheim and Walnut, a project from BRIDGE Housing Corp., is slated for a property at its namesake intersection of Anaheim Boulevard and Walnut Avenue in Long Beach. Plans call for a five-story structure containing 88 apartments in addition to retail space and parking. The supervisors voted to contribute $5.2 million to the $54 million development.

And another $5.57 million in county funding was set aside to help Affirmed Housing build a five-story development on Western Avenue in Westmont. [Urbanize]Tina Daunt

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