Los Angeles County is investing more money in affordable housing projects.
The Los Angeles County Board of Supervisors approved more than $23 million in loans for two affordable housing developments in Bellflower and unincorporated Arcadia, Urbanize Los Angeles reported. When complete, the two developments would create 146 new homes at a cost of $91.3 million.
Wakeland Housing and Development Corporation is moving forward with The Willows project at 15805 Lakewood Boulevard in Bellflower. The County will provide the developer with more than $6.6 million from its Affordable Housing Trust Fund. The money will go toward construction of the $37.6 million multifamily site.
Affirmed Housing Group secured nearly $8.4 million in L.A. County Affordable Housing Trust Fund money for its Oak & Ivy project, slated to rise at 4217 East Live Oak Avenue. The property is located in the unincorporated community of Mayflower Village nestled between Arcadia and Monrovia. That proposed six-story development would consist of 95 apartments serving low- and very-low-income households. L.A. County officials previously approved $8 million for the project from its No Place Like Home program, which provides funds to develop permanent supportive housing for people in need of mental health services and are experiencing or are at risk of homelessness. The Oak & Ivy endeavor is expected to cost $50.6 million to complete.
The latest funding for Wakeland and Affirmed follows another L.A. County Board of Supervisors distribution for affordable housing projects across the county. Last month, supervisors approved nearly $43.8 million for affordable developments in the cities of Los Angeles, West Hollywood and Whittier. When finished, those developments would provide 687 affordable units for seniors, families and homeless individuals.
The state has also been stepping in to help developers realize affordable housing efforts from Sacramento to San Diego. Late last year, the California Strategic Growth Council approved $866 million in grant funding, including more than $182 million for four different developments in Los Angeles County. Those residences are slated to rise in Chinatown, Santa Monica, Boyle Heights and downtown Los Angeles.
— Chris Malone Méndez
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