The Los Angeles Housing Department (LAHD) announced that the city has been awarded $163.3M from the state to fund six local affordable housing developments. The funding will reportedly be broken into two separate tranches, with $105.7M for construction on new affordable housing and $54.8M for transit-related infrastructure projects.
According to a statement released by South Los Angeles Councilmember Marqueece Harris-Dawson, $20M “will go directly to the construction of an affordable housing project at 87th and Western.”
Award winning, non-profit developer Innovative Housing Opportunities, Inc. (IHO) will use the funds to build out one of SoCal’s most ambitious affordable housing developments – ‘SOLA at 87th’.
Featuring 160 one-, two-, and three-bedroom units spread across an 84,150-square foot (SF) site, the plan not only boasts a beautifully detailed design but also delivers a community-centric approach not always present in affordable housing developments.
Under the current plan, IHO intends on maintaining the neighborhood’s single-family integrity, by positioning townhome style units on both 87th and 88th Street in order to step down the scale. While along Western Avenue, the more densely designed buildings will include a ground floor, sit down restaurant and commercial tenants “to encourage positive activity vital to revitalizing the commercial corridor”.
Along with the construction project, an additional $10 million dollars will be invested to improve sidewalks, bike lanes and bus shelters surrounding the new construction.
Ultimately, the 163.3M in funding which comes from the state’s Strategic Growth Council will help finance a total of seven affordable housing projects – providing 929 units, with 95% of them reserved for low-income and extremely low-income households.