Local firm Crown Royal Developers has filed plans for a 71-unit apartment complex in Van Nuys, with eight units set aside for extremely low-income residents.
The Beverly Hills-based company wants to build the 78-foot complex at 14518-14526 Erwin Street, just west of Van Nuys Boulevard, according to plans filed with the Los Angeles City Planning Department. The site is located in a federal Opportunity Zone, which provides tax incentives for long-term investors who pour money into projects in distressed areas. The Treasury Department just opened an investigation into the program, following media stories that raised questions about who was benefiting from the program.
Crown filed its plans with Santa Monica-based architecture firm Minarc through an LLC. The signatory is Asaf Glazer, president of Crown Royal Developers.
Van Nuys has seen some activity in the affordable housing arena lately. In September, prolific affordable housing developer Skid Row Housing Trust announced plans to expand into Van Nuys, with a 64-unit apartment building for low-income or very low-income tenants.
California and L.A. in particular continue to grapple with the lack of affordable housing. Gov. Gavin Newson recently threatened to withhold state transportation funds from municipalities if they fail to meet new housing production targets.
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