The Los Angeles City Council has voted to authorize the lease of upward of $65 million in bond financing for the construction of new affordable housing just south of the US-101 Freeway in Encino.
The Executive Directive 1 project, planned by Capstone Equities at 5435 N. Balboa Boulevard, calls for transforming an existing two-story office building into 117 studio and one-bedroom apartments - including 116 units priced for lower-income households. Parking for 120 vehicles would be provided on the property in an existing surface lot.
FSY Architects is designing the project, named The Oaks on Balboa, which would transform some existing parking into courtyards and gardens for use by residents.
View of The Oaks on Balboa looking northeastFSY Architects
The vote by the Council authorizes the California Municipal Finance Authority to issue bonds for the project, though the exact amount approved may differ from the $65 million maximum allowed.
The development site is located roughly three quarters of a mile northwest of the intersection of Ventura Boulevard and La Maida Avenue, where a mixed-use project featuring 130 homes above a Mercedes-Benz dealership is planned.
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- Encino (Urbanize LA)
Looking for affordable housing? Visit lahousing.lacity.org/aahr and housing.lacounty.gov
