At its meeting earlier today, the Los Angeles City Council voted to approve the issuance of more than $86 million in bond financing for the construction of a trio of permanent supportive housing developments. The projects - which are planned in Downtown Los Angeles, North Hills, and North Hollywood - will create a combined total of 198 residential units when completed.
The first project included on the agenda, Hollywood Community Housing Corporation's Luna Vista apartments, would rise from a property located at 8767-8773 Parthenia Place in North Hills. Plans call for the construction of a four-story edifice featuring 73 residential units above subterranean parking.
The proposed one- and two-bedroom apartments would priced at rates considered affordable for households earning at or below 30 percent of the area median income, as well as for those earning between 40 and 50 percent of the area median income.
The Council vote approved the release of just under $33 million in multifamily housing revenue bonds for the proposed project, which joins a handful of similar affordable and permanent supportive housing developments planned for nearby sites in North Hills.
In North Hollywood, the Council approved the release of nearly $13.5 million in bonds to developers Decro Corporation and Daylight Community Development for the NoHo 5050 apartments.
The project, named for its address at 5050 N. Bakman Avenue, calls for the construction of a five-story building containing 32 apartments priced for households at the very-low income affordability level.
FSY Architects is designing the roughly $20-million project, which will also be funded through $8.2 million via Measure HHH and Los Angeles County's No Place Like Home program
The largest of the three developments, Mercy Housing of California’s 6th Street Place apartments, would rise at the northeast corner of 6th and San Julian Streets in Downtown Los Angeles.
The project, which would replace an industrial building known for its "Skid Row City Limits" mural, calls for the construction of a six-story structure featuring 94 residential units above ground-floor commercial space and a small parking lot.
TCA Architects is designing 6th Street Place, which will be built from prefabricated modular units.
The Council's vote will provide up to $39.6 million in multifamily housing revenue bonds for the project. That money will supplement $5 million already allocated to the project by Los Angeles County.
Looking for affordable housing? Visit lahousing.lacity.org/aahr