Pending final approvals by Mayor Garcetti, five different projects are slated to receive a combined total of more than $74.1 million in multifamily conduit revenue bonds. If completed, the proposed developments would generate more than 200 units of below market-rate housing.
In the Vermont Square neighborhood, developer Wakeland Housing & Development Corporation is poised to receive $13.7 million in funding for The Chesterfield, a proposed project at 4719 S. Normandie Avenue. Plans call for the construction of a five-story, 43-unit apartment building - priced for low- and very low-income households - above a four-car parking garage.
Wakeland has already cobbled together partial funding for the project through a variety of sources, including more than $11 million from Los Angeles County's No Place Like Home program and affordable housing trust fund.
In West Adams, non-profit developer Abode Communities has secured upwards of $33.7 million in bond funding for its Adams Terrace development.
Both development sites are located just north of the PATH Villas Montclair, a similar permanent supportive housing complex now being built by PATH Ventures.
One mile north along Crenshaw Boulevard, Wakeland Housing & Development is up to $17 million in bond funding for a second project - the Amani apartments in Mid-City.
Slated for a vacant lot at the southwest corner of Crenshaw and Pico Boulevard, the proposed development calls for the construction of a five-story, 54-unit apartment complex reserved for low- and very low-income households.
As with the Chesterfield, Wakeland has already obtained partial funding for the Mid-City development, including $2.4 million from Los Angeles County's No Place Like Home program.
The City Council also approved the release of roughly $9.6 million in bonds to developer Thomas Safran & Associates for the construction of a senior affordable housing development behind the Reseda Theatre.
The proposed project, slated for an empty lot at 7219-7227 N. Canby Avenue, would consist of a four-story structure featuring 26 residential units.
The Council previously approved more than $11 million in funding for the development.
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