Friday, March 28 2014
Affordable Housing Alive & Well
Pictured (clockwise from top left) are: New Genesis, Palace Hotel, Hayworth House, Villas at Gower, Linda Vista, and NoHo Senior Villas
For Affordable Housing/ While market rate projects are susceptible to the ups and downs of our economy, affordable housing has always benefitted from the consistency of available redevelopment funds and housing tax credits. With the demise of the CRA, we anticipated a drop off in the amount of affordable housing projects. We have actually found that, after a dip, our resourceful developers are creatively accessing various funding sources to keep their pipelines pumping.
Of our twelve current affordable housing projects, five are in design and seven are under construction. They all have Federal Tax Credits and then a witch’s brew of funding from the LA Housing and Community Investment Department, Federal Home Loan Bank of San Francisco’s Affordable Housing Program, County of Los Angeles Community Development Commission, private equity, HUD 202 Capital Grant, AHP and County Department of Mental Health funds.
Each of these funding sources targets different segments of the low-income population: seniors, emancipated youth, chronically homeless, homeless vets and homeless mentally ill. In order to receive funding from increasingly competitive sources, affordable developers are incorporating two or more population groups into their projects to qualify for available funds and serve neighborhood needs. For example, Mosaic Apartments was designed to address the neighborhood need
for senior housing and housing for low-income families. Here are our thoughts on housing design “beyond the unit”.