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Weingart Center’s latest affordable complex snags bond funding
City awards $31M in financing for 50-unit West LA project and another from Azure Development
Two affordable housing developments in West Los Angeles and Boyle Heights secured a total of $31 million in tax-exempt financing from the city this week.
The bigger project, a 50-unit West L.A. complex from prolific affordable developer Weingart Center, received $17.5 million in bond money, according to Urbanize. The development, 11010SMB, will rise at 11010 W. Santa Monica Boulevard. Supportive services and six parking spots are planned on site. All the units will be studios and reserved for veterans and homeless seniors.
Weingart Center has four other affordable projects in the works across the city, including three in Skid Row totaling 684 units. The city and county have allocated funds for those developments.
The other project, a 44-unit Boyle Heights complex from Azure Development and Many Mansions, received $13.4 million in bond funding, according to the report. Called La Guadalupe, the project was proposed in early 2018 and broke ground in 2019.
Units are a mix of studio, one-, and two-bedroom and are reserved for households with incomes at or below 30 and 50 percent of area median income.
The complex was slated for 8,000 square feet of ground-floor retail along with underground parking. The required parking for the retail portion pushed the cost of the development up to about $630,000 per unit, according to the report.
[Urbanize] — Dennis Lynch