Affordable projects in Boyle Heights and Winnetka get LA city bond financing
The two projects are slated to have 168 total units
The Los Angeles City Council approved $58.5 million in bond financing for 168 affordable apartments across two projects.
The financing went to a 91-unit project slated for Winnetka and a 77-unit project in Boyle Heights, according to Urbanize.
The Winnetka project is being built by Hollywood Community Housing Corporation and GTM Holdings. The Palm Vista complex would replace a series of low-rise commercial buildings on 20116-20128 Sherman Way.
The four-story project would have 44 supportive housing units, 45 low-income housing units, and a pair of manager’s apartments. They would all be one- or two-bedroom units.
The funding includes $25 million in tax-exempt bonds and $2.4 million in taxable bonds. That accounts for just over half of the project’s $48.5 million estimated cost.
Abode Communities received $31.3 million in bond financing for their La Veranda project. The two-building project would rise on a pair of Metro-owned sites at Cesar E. Chavez Avenue and Soto Street.
The units would be a mix of one-, two-, and three-bedroom units. Around 8,000 square feet of ground-floor retail space is also planned. The project is estimated to cost $53.8 million.
L.A. County last year allocated $2 million for each project.
Abode Communities is also working with AvalonBay to redevelop the West L.A. Civic Center.
[Urbanize] — Dennis Lynch