The Los Angeles County Board of Supervisors approved a $35 million loan to fund affordable housing projects. These developments will span around Boyle Heights and East Los Angeles, aiming to provide affordable homes for low-income families and people experiencing homelessness.
LA County Approves Funding for Six Affordable Housing Projects
On October 14, the Los Angeles County Board of Supervisors approved $35 million in loans to support six affordable housing projects. The funding is provided to support 6 affordable housing development projects in Claremont, Los Angeles, and unincorporated areas.
According to the official report, LA County’s contribution will be combined with other funding sources to cover the project’s total budget and create 529 homes. The complete project requires a budget of more than $341 million.
- Luca Reyes Apartments
From the total funding, LA County will provide $4.8 million to East LA Community Corporation for the Luca Reyes Apartments. Located in Boyle Heights, the $47.8 million complex project features a four-story building with 60 studio, one-, two-, and three-bedroom apartments. Other amenities include parking for 42 vehicles next to Mariachi Plaza Station.
- 443 S. Soto Street
Another location in Boyle Heights will also receive over $5 million for a five-story development of ELACC’s 443 S. Soto Street. This $92.8 million project will offer 138 apartments, a community room, a creative art space, and spacious parking for 90 vehicles.
- 1st and Townsend
In the unincorporated sector, East Los Angeles, Community Housing Works will get $5.7 million out of the LA County funding. The total project is up to a $50.8 million project at 1st Street and Townsend Avenue. The project will offer 68 apartments.
- Mercy Claremont
Mercy Housing California will receive $3.4 million for its Mercy Claremont project. The development project designed by TCA Architects will be built at 1364 N. Towne Avenue. The three-story development will offer 74 apartments.
- Saffron Covina
From the LA County funding, Affirmed Housing will get a total of $8.4 million for its Saffron Covina project at 19516 E. Cypress Street. The six-story building with 94 apartments will cost $52.1 million.
- Elara
The second project of Affirmed Housing, Elara Apartments in Mayflower Village, will receive $8 million. The development will feature 95 studio, one-, and two-bedroom apartment units.
Purpose of the Funding Recommendation…