New funding awarded this month will facilitate the construction of affordable and permanent supportive housing at two sites in the City of Long Beach.
Two loans, valued at a combined sum of $6.1 million, will be distributed by the Long Beach Community Investment Company (LBCIC) to Jamboree Housing and Holos Communities to facilitate site acquisition and development costs for new projects in the Downtown and Midtown neighborhoods.
South perspective of Denali at 521 E 4th Street in Long BeachHolos Communities
A total of $4 million in federal funding, provided through the HOME Investment Partnerships program, is being loaned to Holos for the construction of a new project at 521 and 527 E. 4th Street. Plans call for the construction of two interconnected buildings featuring a combined total of 140 one-bedroom apartments - 75 percent of which would be reserved for unhoused residents. Construction is set to begin in Summer 2024.
A landing page on the Holos Communities website dubs the project Denali in honor of North America's tallest mountain. Renderings depict a pair of 15-story structures, linked together by a series of bridges. Per the project website, community amenities would include on-site supportive services, recreation rooms, and laundry facilities.
Completion could occur as early as 2027.
101 E Pacific Coast HighwayGoogle Street View
The second loan of federal funds, valued at $2.1 million, will go toward Jamboree Housing for site acquisition and development costs relating to a new project at 101 E. Pacific Coast Highway. The site, currently vacant, is slated for the construction of a 52-unit permanent supportive housing complex.
Construction of the Pacific Coast Highway site could begin as early as 2024, per the news release.
“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,” said Long Beach Mayor Rex Richardson in a statement. “We thank The LBCIC and these development partners who, together, are helping ensure Long Beach has safe, quality affordable housing that meets the needs of our community.”
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Looking for affordable housing? Visit lahousing.lacity.org/aahr and housing.lacounty.gov
