LA approves $200M in bonds for affordable housing projects

The Los Angeles City Council has approved $203 million in bond funding for six affordable and supportive housing projects in Skid Row and South L.A., among other areas.

The Council approved the funding this week for a total of 609 units, according to Urbanize.

The recipient of the most funding is the largest development on the list: Weingart Center’s 378-unit two-tower project at San Pedro and Crocker streets in Skid Row. The project has been in the works for several years and prevailed after at least one effort to stop it.

The project received $123 million in bond funding. L.A. County approved $30 million in funding for it in January, and the development is expected to break ground next year.

The Council awarded the Coalition for Responsible Community Development $30.5 million in bond funding for a 95-unit project at 803 East 5th Street in Downtown.

Aedis Real Estate Group and the Foundation for Affordable Housing received $12.1 million for their 49-unit Hope on Broadway project in South L.A.

Domus Development received $17.5 million in funding for its 43-unit supportive housing project on Crenshaw Boulevard in Arlington Heights. That project also received funding https://therealdeal.com/la/2020/01/09/la-county-awards-57m-to-5-affordable-housing-projects/ from the county.

Azure Development and Many Missions were approved for up to $19.1 million in bond funding for a 44-unit project near Boyle Heights Mariachi Plaza. The project broke ground late last year.

The funding is separate from bonds created through bond measure HHH. That $1.2 billion homeless and affordable housing program has been criticized for failing to reach its development goals. [Urbanize] — Dennis Lynch