Last week, the Los Angeles City Council voted to adopt a resolution authorizing the release of more than $15.7 million in multifamily conduit revenue bonds to Affirmed Housing for the development a new supportive housing project in South Los Angeles.
The project would include a mix of studio- and one-bedroom dwellings, as well as a two-bedroom manager's unit, with parking for seven vehicles located in a surface lot at the rear of the site. A report to the Council from the Housing and Community Investment Department (HCID) describes the Asante development as a podium-type structure consisting of four levels of wood-frame construction above a concrete base, with an exterior of stucco and metal panels. Planned amenities include an elevated terrace, a community room, a computer room, and offices for on-site case managers and service providers.
Per the staff report, the total cost of the unit is approximately $498,470 per unit - or roughly $27.4 million in total. In addition to the conduit bonds, funding for the project includes more than $10 million previously allocated to Affirmed Housing through Measure HHH.
Rents at Asante would be restricted to households earning no more than 50 percent of the Los Angeles area median income, according to the report from HCID.
The project is one of at least a half-dozen affordable and supportive housing developments in Los Angeles County from San Diego-based Affirmed Housing, following projects in Westlake, East Hollywood, Westmont, and Sawtelle. The company already has one apartment building under construction in Broadway-Manchester - the 56-unit Dahlia development at 120th and Main Streets.
- Asante Apartments (Urbanize LA)