Sola Impact plans 84-unit apartment project in South LA

Opportunity Zone developer would set aside 10 units for low-income residents

Los Angeles /
Dec.December 31, 2020 08:00 AM
Sola CEO and founder Martin Muoto. (Google Maps)
Sola CEO and founder Martin Muoto. (Google Maps)
 

An Opportunity Zone developer that incorporates affordable housing into market-rate projects filed plans for its latest construction in South Los Angeles.

The 84-unit development from Sola Impact would rise at 11630-11646 South Main Street in Broadway-Manchester, and include 10 units reserved for low-income residents, according to property records.

Sola acquired three properties at that location last year for a combined $980,000.

Founded in 2015, Sola says it has built 1,500 units of affordable housing in South L.A., and claims to be the largest Section 8 landlord in the area. Martin Muoto is CEO and founder. The company’s mission is “Doing Well by Doing Good,” according to its website.
In September, Sola filed plans to build a 68-unit complex at 4238 South Western Avenue in the Vermont Square neighborhood.

Both projects are in designated Opportunity Zones. The federal program provides tax incentives to developers who build in distressed neighborhoods.

Both of Sola’s most recent projects are also eligible for Transit Oriented Communities incentives from the city. That program allows developers who build in areas near transit stations to increase the size of their construction if they set aside a certain portion of units for low-income tenants. Sola indicated it would take advantage of the TOC incentives for the Vermont Square project, although it was not known how many units would be reserved as affordable.

It was not clear whether Sola would seek TOC incentives for the Broadway-Manchester complex, but that seems likely given the firm indicated it would set aside 10 units as affordable. Sola did not immediately respond to messages for comment.






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