LA allocates $44M for more than 120 affordable housing units
Tax-exempt bonds will go to PATH Ventures and Community of Friends projects in Hollywood and South LA
The Los Angeles City Council signed off on $43.5 million in tax-exempt bonds for two affordable housing projects in the city.
A unanimous vote of 15-0 this week allowed the city to allocate $24.4 million for PATH Ventures’ 60-unit rental project in Hollywood and up to $19 million for Community of Friends’ 64-unit project in Hyde Park, according to Urbanize.
The PATH Villas Hollywood project is six stories and includes social services, as well as parking for 14 vehicles. It’s estimated to cost $40 million. The project was scaled up from an original five stories.
Units are priced for households with incomes below 50 percent of the Area Median Income. Individuals making under $40,000 a year will qualify and rents will range from just over $500 for a studio to just over $900 for a one-bedroom unit.
Community of Friends’ West Terrace project is set to rise on S. West Boulevard and will be four stories with a mix of one-, two-, and three-bedroom units.
The units are priced for households with incomes below 30 and 50 percent of area median income. The project is expected to cost $34 million.
Both projects received funding through Proposition HHH, a $1.2 billion bond program created in 2016. The program has come under fire in recent months for failing to meet its stated goals. [Urbanize] — Dennis Lynch