At its meeting yesterday, the Los Angeles City Council voted unanimously to approve more than $60 million in new funding for the construction of three affordable housing developments in the Hollywood, Koreatown, and Westlake communities.
The first project, the Thomas Safran & Associates' Montecito apartments at 6650 W. Franklin Avenue in Hollywood, calls for the construction of a new six-story edifice featuring 64 senior affordable housing units, as well as a 57-car underground parking garage and amenities. All of the studio apartments are to be reserved for seniors aged 62 and up earning at or below 50 and 60 percent of the area median income level.
Withee Malcolm Architects is designing the project, which would have a similar color and texture to its historic neighbor - the nearly 90-year-old Montecito apartments.
Per a staff report issued in April by the Housing Department, the Montecito II is eligible for up to $19 million in tax-exempt bonds, contributing to a total cost of roughly $41.3 million. The per-unit cost of approximately $645,00 is attributed to the use of prevailing wage labor, and various mitigation measures due to the project's location.
The City Council has voted to approve up to $19 million in tax-exempt bonds for the project, which will feature 72 studio, one-, and two-bedroom apartments, as well as on-site supportive services and resident amenities.
The bonds will contribute to a total $35.8 million budget for the project, which translates to a per-unit cost of just over $497,000 - relatively low compared to most supportive housing developments in the City of Los Angeles.
Enlightenment Plaza, designed by KFA Architecture, will ultimately consist of 454 apartments in a series of eight-story structures organized around a central green space.
The third development, Affordable Housing CDC's Oak Apartments at 2745-2759 W. Francis Avenue in Westlake, would also include 64 apartments for low-income seniors.
According to a Housing Department staff report, the project will include a mix of studio and one-bedroom dwellings, all of which would serve as permanent supportive housing.
The five-story structure is expected to cost nearly $40.8 million to build - $19.5 million of which is the tax-exempt bonds authorized by the City Council. The total cost amounts to a per-unit price tag of nearly $637,000.