In a 14-0 vote, the Los Angeles City Council has approved the release of up to $11.25 million in tax-exempt bonds for the construction of a new affordable and permanent supportive housing project in North Hollywood.
NoHo5050, a joint venture between Decro Corp. and Daylight Community Development, would rise from a property at 5050 N. Bakman Avenue, replacing a pair of duplexes. Plans call for the construction of a five-story building containing 40 studio, one-, and two-bedroom apartments, which outside of a manger's unit, will be reserved as affordable and permanent supportive housing priced.
According to a staff report from the Housing and Community Investment Department, the apartments will cater toward households earning at or below 50 and 60 percent of the Los Angeles area median income level.
FSY Architects is designing the contemporary podium-type building, which will also include on-site services, a conference room, a laundry facility, and a rear yard.
According to the HCID staff report, the roughly $23.9-million project, which will also be funded through Measure HHH and Los Angeles County's No Place Like Home Program. The relatively high-per unit cost of $597,440 has been attributed to the use of prevailing wage labor, acquisition costs for the property, the need for an underground power vault, and other factors associated with the design of the building.
Daylight and Decro Corp. are partnering on several supportive housing developments, including a modular apartment complex now under construction in Watts.
- 5050 N Bakman Avenue (Urbanize LA)
Looking for affordable housing? Visit lahousing.lacity.org/aahr
California's 2021 state income limits