Los Angeles has approved $86 million in bond financing for three permanent supportive housing developments. The City Council move on Tuesday came two weeks after it okayed $275 million in bonds for similar housing projects citywide.
The most recent approvals were for developments totaling 198 units, according to Urbanize.
About half of that money — $39.6 million — will help fund Mercy Housing of California’s 94-unit project in Skid Row. The six-story development would replace a building at 6th and San Julian streets that is known for its “Skid Row City Limits” mural.
The new construction, to be called 6th Street Place, will include 1,800 square feet of ground-floor commercial space, according to the report.
The Council also approved $33 million in bonds for a 73-unit project in North Hills. Hollywood Community Housing Corporation’s Luna Vista construction will rise at 8767-8773 Parthenia Place.
The four-story project will have one- and two-bedroom units priced for households with incomes at 50 percent of area median income or lower, the report noted.
Decro Corporation and Daylight Community Development received $13.5 million in bonds for a 32-unit project in North Hollywood. The five-story NoHo 5050 project also received county funds and money from the city’s Proposition HHH bond measure. The $1.2 billion bond was meant to tackle homelessness with housing developments. But in September, a City Controller audit found that just three housing projects had been completed in the four years since Prop HHH passed.
Bond funding makes up a portion of dollars needed for affordable projects. Developers use that funding to attract money from other sources.
In contrast, a partnership that includes developer RMG Housing, local community organizations and a private equity fund are building a 20-unit supportive housing project in South L.A. without any government funding. It is a model they hope will become more popular. [Urbanize] — Dennis Lynch
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