At a meeting last week, the Los Angeles City Council voted to authorize up to $40 million in bond financing for two developments which will bring new affordable and permanent supportive housing to sites in Eagle Rock and North Hills.
The first project, already well under construction at 2451 E. Colorado Boulevard, consists of a five-story building that will offer 41 apartments - including 40 supportive housing units and one market-rate manager's units.
Colorado East L.P., an entity affiliated with DDCM, Inc., has to date received nearly $15 million in taxable and tax-exempt bond financing for the project at 2451 Colorado. The L.A. City Council vote authorized the release of an additional $2.1 million in state bonds for the project - supplemental funding that was required to account for construction cost increases during the project's build out period.
In North Hills, the Council approved the release of up to $38.2 million in taxable and tax exempt bonds to developer Hollywood Community Housing Corporation for its Luna Vista apartments at 8767-8773 Parthenia Place.
That project, which first emerged in early 2020, calls for the construction of a four-story building featuring 36 units of permanent supportive housing, 35 units of low-income affordable housing, and two manager's apartments.
Per a landing page on the Hollywood Community Housing website, the apartment complex will include a mix of one- and two-bedroom dwellings, and will target formerly homeless households earning up to 30 percent of the area median income level and low-income households earning between 40 and 50 percent of the area median income level.