Earlier this week, the Los Angeles County Board of Supervisors voted to adopt a resolution signaling the intention to issue up to $20 million in multifamily housing revenue bonds for the construction of a new affordable and permanent supportive housing complex in El Monte.
The project, called Ramona Metro Point, would rise from an empty lot at 11016 Ramona Boulevard. Plans call for the construction of a multi-story building featuring 50 one-, two-, and three-bedroom apartments, restricted to households earning at or below 25 and 40 percent of the Los Angeles area median income for a period of 55 years.
Metro Point, according to a project landing page on the website of developer Newport Partners, would consist of a four-story U-shaped building. In addition to housing, plans call for on-site offices for social services providers, community meeting areas, and parking for 80 vehicles.
The proposed bond funding would contribute to an overall project budget of $28.7 million. Other funding sources include Los Angeles County's No Place Like Home program.
The project is billed as a transit oriented development due to its location less than a half-mile east of Metro's El Monte Station, the busiest bus station on the West Coast. A handful of large mixed-use and multi-family residential buildings are planned or under construction on publicly-owned land surrounding the transit hub.
The develoment site is also located a short walk south from Metrolink's El Monte Station, where additional affordable housing developments are now under construction.
Newport Partners, through its affiliate Domus Development, is also behind plans for new affordable and supportive housing projects in several Los Angeles County communities, including Koreatown, Panorama City, and Echo Park.
- El Monte (Urbanize LA)
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