At a remote meeting held this week, the Los Angeles City Council voted unanimously to provide new funding for affordable housing developments located in South Los Angeles and Westwood.
The first project, called Cadence, is being developed by LINC Housing Corp. in Watts. Plans call for the construction of a four-story building at 11408-11422 S. Central Avenue featuring 64 residential units and at-grade parking for 21 vehicles.
Lahmon Architects is designing the contemporary low-rise building, which would include two courtyards and a community room.
The City Council voted to approve a $10.2-million loan of Measure HHH funds for the project, which has a total estimated cost of approximately $36 million. Other sources of financing for the project include low income housing tax credits and Los Angeles County's No Place Like Home funds.
Construction is expected to begin this month and conclude by December 2021, according to a staff report from the Housing and Community Investment Department.
The project received streamlined permitting through the framework created by AB 2162, a state bill that grants supportive housing developments by-right status in zones where multifamily and mixed-use buildings are already permitted.
The City Council also voted to approve the issuance of approximately $40 million in multifamily conduit revenue bonds for the development of supportive housing at the Veterans Administration campus in Westwood.
The renovation of buildings 205 and 208 is expected to create 120 apartments - priced at the low- and very low-income levels - reserved for homeless veterans.
The developers of both rehabilitation projects are listed in City records as entities affiliated with Figueroa Economical Housing Development Corporation.
Buildings 205 and 208 are being renovated as part of the first phase of a master plan for the VA Campus which will ultimately include more than 1,200 units of permanent supportive housing.
