The Los Angeles City Council voted today to approve the release of more than $56 million in bonds to finance the rehabilitation and construction of two affordable housing projects in Downtown Los Angeles and Reseda.
The City Council approved $45 million for the renovation of the infamous Hotel Cecil, which will be split between a traditional hotel and approximately 300 units of single-room occupancy housing.
Simon Baron Development, which holds a 99-year ground lease for the 14-story building at 640 S. Main Street, has announced plans to retrofit 291 units as affordable housing priced for persons earning at or below 30, 40, 50, and 60 percent of the Los Angeles area median income.
Construction is expected to begin before the end of 2019 and be completed by October 2021.
In a separate action, the City Council voted to issue $11.875 million in bonds for the construction of a senior affordable housing development behind the Reseda Theatre.
The project, slated for a vacant site at 7221 Canby Avenue, is being developed by Thomas Safran & Associates. Plans call for a four-story edifice featuring 26 apartments for low- and very-low-income seniors, in addition to common amenities and a six-car garage.
- Renovation of DTLA's Hotel Cecil Slated to Begin in Late 2019 (Urbanize LA)
- Senior Affordable Housing Approved by L.A. City Planning Commission (Urbanize LA)
Interested in finding affordable housing? Visit housing.lacity.org.
