Construction has kicked off for a large senior affordable housing complex in Panorama City, developer USA Properties Fund announced this week.
Vintage at Woodman, which was issued building permits of February 5 by the City of Los Angeles, will rise from a roughly 2.2-acre property at 7700 N. Woodman Avenue, replacing a series of warehouses and auto repair facilities. Plans call for the construction of a five-story edifice featuring 239 one- and two-bedroom apartments - reserved for residents aged 55 years and older - above a podium parking garage.
AO is designing the low-rise structure, which is depicted in a conceptual rendering as a boxy low-rise structure. Proposed ancillary features include a leasing office, a community room, a fitness center, a courtyard, and a laundry facility.
The project is USA Properties Fund's first development using the California Housing Finance Agency’s Mixed-Income Program, which was created by SB 2 in 2017 to provide financing for new multifamily housing that caters to households earning between 30 and 120 percent of the area median income.
“Vintage at Woodman is an example of the type of development that is key to addressing the housing crisis facing Los Angeles County and the entire state,” said Tia Boatman Patterson, Executive Director of the California Housing Finance Agency, which issued tax-exempt bonds for the project. “The mix of incomes in this project allows local residents to improve their financial and housing situations while staying at home in their community.”
Vintage at Woodman will cater to households earning between 50 and 80 percent of the Los Angeles area median income, a figure which translates to an income between $45,000 and $72,000 for a two-person households leasing a one-bedroom apartments.
Although figures may chance by the time the $80-million development is complete - an event currently expected in Spring 2022 - rents are currently expected to range from $1,013 to $1,530 per month for a one-bedroom unit and $1,213 to $1,998 for a two-bedroom dwelling.
The project, in addition to the bonds issued by the state, is also being financed through loans from JPMorgan Chase, City Community Capital, and RBC Capital Markets.
USA Properties Fund, which is based out of the Sacramento suburb of Roseville, has a portfolio that includes thousands of apartments - including an existing senior apartment project in the Panorama City neighborhood. Both the existing and under-construction project are located less than a mile south of the Kaiser Permanente Panorama City Medical Center.
“Vintage at Woodman caters very well to seniors with its close proximity to shopping and a major Kaiser Permanente facility,” USA Properties acquisition manager Jatin Malhotra in a news release. “It’s a very efficient project that makes the most of the Mixed-Income Program by taking an underutilized property and turning it into much-needed senior housing with a combination of very low, low- and moderate-income residents.”
Looking for affordable housing? Visit lahousing.lacity.org/aahr