Last week, Governor Gavin Newsom announced more than $923 million in awards through the California Housing Accelerator, which offers bridge funding for shovel-ready developments that have been unable to secure financing due to a shortage of federal tax credits and bonds. And while more than 95 percent of that money was directed to jurisdictions outside of Los Angeles County, it wasn't a complete shut-out.
With a $40.2-million award, Thomas Safran & Associates' Parkview affordable housing development, a proposed project from , earned the distinction of being the lone Los Angeles-area project to score funding through the accelerator.
Approved in 2019, the project would rise from an industrial site at 4020 S. Compton Avenue in the Central-Alameda neighborhood, creating a collection of three-story structures featuring 127 studio, one-, two-, and three-bedroom apartments - all reserved for rent by low- and extremely low-income households - surrounding a large central courtyard.
Anand Devarajan Architecture is designing the contemporary low-rise complex.
The Housing Accelerator program, which is managed by the California Department of Housing and Community Development, uses funding from the federal American Rescue Plan Act passed in 2021. While Parkview was the only Los Angeles-area development funded in this round of the program - there will be another opportunity. An additional $735 million will be available for eligible projects in the next phase of the program.
- 4020 S Compton Avenue (Urbanize LA)