Community Corp. of Santa Monica has another affordable apartment complex in the works just south of the 10 Freeway.

The latest project, slated for a roughly 30,000-square-foot property site at 1834-1848 14th Street, calls for replacing a series of small commercial buildings with a three-story edifice featuring 55 one-, two- and three-bedroom units, 3,500 square feet of ground-floor retail space, and 61 parking stalls on a basement level.  The majority of the apartments would be set aside for households making between 30 and 60 percent of the area median income, while a handful will be set aside as workforce housing at the 80 percent AMI level.

Community Corp has entered into escrow for the development site, and has requested an approximately $15 million loan from the City of Santa Monica to facilitate the purchase.  The loan, which was recently considered by the Santa Monica Housing Commission, would be combined with tax credit equity and other funds to pay for the approximately $42 million project cost.

A staff report to the Housing Commission recommends that Commissioners provide input on the requested loan, but does indicate any action at this point in time.

Community Corp. is also building a senior affordable development on a neighboring property at 1820 14th Street.

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