As the City of Los Angeles finalizes the purchase of 16 properties through the second round of Project Homekey, local officials are now laying the groundwork for additional acquisitions through the state program.
In a motion introduced last week, 5th District Councilmember Paul Koretz proposes that the city should target a mixed-use building now under construction at the intersection of 9th Street and La Brea Avenue in the forthcoming third round of Project Homekey. The six-story building, which is being developed by Element Investments, consists of a six-story building which will feature 53 apartments and ground-floor retail space above basement parking.
"The site...has 53 units and the potential to house 50 to 100 of our most vulnerable Angelenos," writes Koretz. "Council should explore the potential of converting this property into a Homekey site to serve those in our communities who are most in need of housing and services."
Koretz’s motion, which has been referred to the Council's Housing Committee for consideration, instructs the City Administrative Officer and Chief Legislative Analyst to identify funding and commence negotiations to acquire the building, which is named for its address at 850 S. La Brea Avenue.
The city's most recent round of Homekey purchases accounts for 1,276 new units of interim and permanent supportive housing, with a price tag of less than $400,000 per unit. The first round of the program allowed the acquisition of 15 properties totaling 744 units of permanent supportive housing.
- 850 S La Brea Avenue (Urbanize LA)