$275M approved for LA affordable housing projects
Bond funding awarded to 8 developments to build 700 units
The Los Angeles City Council approved $275 million in bond funding for eight affordable housing developments across the city.
Taken together, the developments will total 710 new units of housing, according to Urbanize.
Bond funding typically makes up only a portion of funds needed for affordable projects, but developers often leverage that money to attract other sources of funding.
The largest of the planned developments to receive funds is Little Tokyo Service Center’s 187-unit complex on city-owned land in Little Tokyo, according to the report. The Council approved $73 million in bond funds for the project. The city in 2019 approved a 37-year lease for the land with Little Tokyo Service Center and its partner, Go For Broke National Education Center.
The next largest is Thomas Safran & Associates’ 127-unit proposal for 4020 South Compton Avenue in Central-Alameda. The project received $49 million in bond funding.
Developer Meta Housing Corp. also received funding for two projects: $32.8 million for a 78-unit development near MacArthur Park and $31 million for a 56-unit development to rise on city-owned parking lots in Mid-City.
Decro Corp., Daylight Community Development, Wakeland Housing, and Linc Housing Corp. also received funding for their projects.
[Urbanize] — Dennis Lynch