The Los Angeles County Board of Supervisors has signed off on $100 million in loans to six developments which will bring affordable and permanent supportive housing to South Los Angeles, Pico-Union, Koreatown, Canoga Park, East Hollywood, and West Carson. The six projects - from five different developers - will create more than 560 apartments for low-income and formerly homeless households.
8400 and 8550 S. Vermont Avenue
The Supervisors voted to approve a loan of up to $6.2 million utilizing Community Development Block Grant funds to cover the costs of street vacations at the 8400 and 8500 blocks of South Vermont Avenue.
The 4.2 acres of land - acquired by the County via eminent domain in October 2017 - is slated for the construction of a mixed-use project consisting of a college-preparatory boarding school, community-serving retail, a transit plaza, and 180 units of affordable housing.
Developers SEED Foundation and Bridge housing Corporation are on pace to break ground on the first phase of the project - the boarding school - this summer.
Wakeland Housing and Community Development Corp. is slated to receive nearly $11.7 million in No Place Like Home (NPLH) funds for the construction of The Quincy, slated for a property at 2652-2662 W. Pico Boulevard in Pico-Union.
The total cost of the proposed four-story, 54-unit low-income apartment complex is estimated at $33.4 million.
$12.2 million in NPLH funds have been earmarked for the Serenity Apartments, slated for a property at 923-937 S. Kenmore Avenue in Koreatown.
The project - which comes from Domus Development - calls for the construction of a six-story, 75-unit apartment complex serving low-income seniors.
The total estimated cost of the Serenity project is nearly $43 million.
Bell Creek Apartments
West Los Angeles-based non-profit developer Meta Housing Corp. is poised to receive $11.2 million in County funds for the construction of the Bell Creek Apartments in Canoga Park.
The project, which would rise at 6940-6958 Owensmouth Avenue, calls for the construction of a five-story building featuring 80 apartments reserved for households earning 80 percent or less than the area median income.
The total cost of the Bell Creek project is approximately $47.4 million, according to a staff report.
A second project from Wakeland Housing - called The Wilcox - is slated for $13.4-million in NPLH funds.
The project, planned a few blocks west of the Vermont/Santa Monica subway station at 4904-4920 W. Santa Monica Boulevard, would consist of a four-story structure featuring 62 housing units.
The total cost of the Wilcox is estimated at $35.4 million.
West Carson Villas
The Supervisors also approved the issuance of up to $45 million in multifamily revenue bonds to developer PATH Ventures for the construction of the West Carson Villas.
The project, located at 22801-22905 S. Vermont Avenue, will consist of offer 111 one-, two-, and three-bedroom apartments restricted to households earning at or below 30 and 60 percent of the area median income.
Interested in finding affordable housing? Visit housing.lacity.org.