Two proposals to build more affordable and supportive housing in West Los Angeles and Boyle Heights have new financial backing, following actions taken yesterday by the Los Angeles City Council.
In two 13-0 votes, the Council moved to adopt resolutions authorizing the issuance of nearly $31 million in taxable and tax exempt bonds projects that will generate a total of 95 apartments - most of which will be set aside for unhoused residents.
In West Los Angeles, the Weingart Center is slated to receive up to $17.5 million in financing for its 11010SMB project, named for its address at 11010 W. Santa Monica Boulevard. The proposed development, which would replace a city-owned parking lot, calls for the construction of a five-story building featuring 50 residential units, supportive services, and parking for six vehicles.
Perkins&Will is designing the apartment complex, which would offer studio apartments ranging from 315 to 400 square feet in size, all of which would be reserved for veterans and homeless seniors. Rents would be set at levels considered affordable to a household earning up to 50 percent of the Los Angeles area median income.
A staff report to the City Council pegs the estimated cost of 11010SMB at just over $27.3 million - or approximately $535,000 per residential unit.
Weingart recently secured funding for the first of two high-rise developments that would generate new supportive housing near its headquarters in Downtown Los Angeles.
In Boyle Heights, the La Guadalupe project from Azure Development and Many Mansions has been approved to receive up to $13.4 million in tax-exempt bonds.
The proposed development, which would rise from an empty lot across the street from the Mariachi Plaza subway station, calls for the construction of a five-story building containing 44 studio, one-, and two-bedroom apartments above 8,000 square feet of ground-floor commercial space and basement parking.
Y&M Architects is designing the contemporary low-rise development, which is named in honor of Guadalupe Arevalos, the grandmother of Azure Development president Vanessa Delgado.
According to a staff report published by the Housing and Community Investment Department, La Guadalupe will cater to households earning at or below 30 and 50 percent of the Los Angeles area median income.
The total estimated cost of the project is $27.9 million - a price tag of more than $630,000 per unit. The relatively high cost of the project is attributed to the provision of subterranean parking for the proposed ground-floor commercial space.
Looking for affordable housing? Visit lahousing.lacity.org/aahr
California's 2021 state income limits