In a 15-0 vote, the Los Angeles City Council signed off yesterday on the release of approximately $43.5 million tax-exempt bonds to the developers of two affordable and supportive housing projects in Hollywood and Hyde Park.
PATH Ventures, the non-profit developer and service provider behind the PATH Villas Hollywood, are poised to receive up to $24.4-million for their proposed project at 5627 Fernwood Avenue. Plans call for the construction of a six-story building containing 60 residential units, as well as social services offices and parking for 14 vehicles.
The project, which carried an estimated price tag of $40 million as of 2019, will be priced for households earning at or below 50 percent of the area median income. Rents would range from $509 per month for a studio unit to $909 per month for a one-bedroom apartment, according to a staff report to the California Tax Credit Allocation Committee.
Funding for the PATH Villas includes a more than $11-million allocation from Proposition HHH, a $1.2-billion bond measure passed by Los Angeles voters in 2016.
In Hyde Park, developer A Community of Friends is approved to receive up to $19 million in bond funding for its West Terrace development.
The proposed project, slated for a currently vacant lot at 6576-6604 S. West Boulevard, calls for the construction of a four-story building containing 64 studio, one-, two-, and three-bedroom apartments with on-site supportive services.
Per an application for tax credit financing, the West Terrace apartments are expected to offer rents between $591 and $760 per month - with utility included. Units would be reserved for households making at or below 30 and 50 percent of the area median income.
Funding for the approximately $34-million project comes from a variety of sources - including Measure HHH.
West Terrace is expected to break ground in early 2021 and open by Summer 2022.
Looking for affordable housing? Visit lahousing.lacity.org/aahr