At its meeting on October 20, the Los Angeles City Council voted to approve the release up roughly $203 million in bond funding for the construction of affordable and permanent housing developments in South Los Angeles, Downtown, Koreatown, and Boyle Heights.
The six projects slated for funding, if completed, would create more than 500 new homes on sites which are currently occupied by surface parking or vacant commercial buildings.
In South Los Angeles, Aedis Real Estate Group and the Foundation for Affordable Housing are slated to receive to receive up to $12.1 million in tax-exempt multifamily conduit revenue bonds for its Hope on Broadway development.
The project, which would replace a mortuary at 5130 S. Broadway, calls for the construction of a four-story structure containing 49 apartments - including 48 affordable units.
Hope on Broadway is partially funded via a $6.72 million allocation from the Proposition HHH supportive housing bond measure.
The Council also voted to approve the issuance of up to $17.5 million in bonds to Orange County-based Domus Development, which is behind plans for a supportive housing project at 1141-1145 Crenshaw Boulevard in Koreatown.
The project, called Solaris, would replace a surface parking lot with a five-story, 43-unit apartment building with on-site supportive services.
The approximately $25-million project is designed by FSY Architects, and is one of several affordable housing developments currently proposed by Domus.
In Downtown Los Angeles, the Weingart Center is poised to receive up to $123 million in bond financing for two of its proposed high-rise housing projects adjacent to its headquarters at 6th and San Pedro Streets.
Plans call for the construction of 12- and 18-story buildings along a rectangular site fronting San Pedro and Crocker Street, creating 378 residential units - reserved for formerly homeless persons - with on-site supportive services.
The two buildings, which have already received $30 million in funding via Los Angeles County's No Place Like Home program, are both expected to break ground in 2021, according to the Weingart Center website.
Weingart Center is planning a similar high-rise development which would replace a neighboring parking lot at 6th and San Pedro, as well as smaller podium-type projects in South Los Angeles and West Los Angeles.
Across the Los Angeles River in Boyle Heights, co-developers Azure Development and Many Mansions have been approved for up to $19.1 million in bond funding for the construction of La Guadalupe, a proposed supportive housing complex adjacent to Mariachi Plaza.
The project, which would rise at the southeast corner of 1st Street and Boyle Avenue, calls for the construction of a five-story edifice featuring 44 residential units atop 8,000 square feet of ground-floor commercial space.
It is one of multiple housing projects in development near Mariachi Plaza and the light rail station of the same name.
The Council also approved the release of up to $30.5 million in bonds to the Coalition for Responsible Community Development for its 803 East 5th Street development.
The proposed development, named for its address, would convert three commercial buildings into 95 micro-unit apartments with 9,200 square feet of ground-floor retail space.
The Los Angeles City Planning Commission voted to reject an appeal seeking to block the construction of the project in July 2020.
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