Long Beach loans developers $6.1M for affordable apartments

The City of Long Beach has loaned a combined $6.1 million to two developers to build separate affordable housing projects with 192 apartments, mostly for homeless residents.

The city and its nonprofit housing affiliate, the Long Beach Community Investment Company, cleared the loans for Holos Communities, a nonprofit based in North Hollywood, and Jamboree Housing, based in Irvine, the Long Beach Press-Telegram reported.

Both projects are expected to break ground in summer 2024.

The loans were among the first housing initiatives announced by Mayor Rex Richardson after he took office last month.

“This funding and key action reflects our sense of urgency to enhance the city’s housing stock and support working families who are most in need,” Richardson said.

Holos will receive $4 million to build two apartment buildings with 140 one-bedroom units at 521-527 East Fourth Street in Downtown, where 105 units will be set aside for homeless residents.

The company, formerly known as Clifford Beers Housing, has developed other affordable housing projects in Long Beach, including Vistas del Puerto, a 48-unit apartment complex in Midtown.

The city will provide the $4 million loan through the Home Investment Partnerships Program, a federal fund administered by the U.S. Department of Housing and Urban Development.

Jamboree will receive $2.1 million from federal grants to build a 52-unit permanent supportive housing complex on a vacant lot at 101 East Pacific Coast Highway for homeless residents or those at risk of homelessness.

Jamboree has developed several Long Beach housing projects, including the Puerto del Sol Downtown and the Collage Apartments in Midtown.

— Dana Bartholomew