Los Angeles City Council has approved affordable housing projects at two sites in North Hills and Eagle Rock. The project proposals will bring in a total of 113 apartments.
Last week, Los Angeles City Council voted to authorize up to $40 million in bond financing for two developments which will bring new affordable and permanent supportive housing to two sites.
2451 Colorado Boulevard
The first project site, located at 2451 East Colorado Boulevard, will bring a five-story building offering 41 apartments. The apartment complex will offer 40 supportive housing units and one market-rate manager’s unit. Colorado East L.P., an entity affiliated with DDCM, Inc., has received nearly $15 million in taxable and tax-exempt bond financing for the project. The City Council vote authorized the release of an additional $2.1 million in state bonds for the project.
The second project site, located at 8767-8773 Parthenia Place, will bring a four-story building featuring 36 units. Named Luna Vista Apartments, out of the total, 35 units will be available as low-income affordable housing units and two manager’s units. The Council approved the release of up to $38.2 million in taxable and tax exempt bonds to developer Hollywood Community Housing Corporation.
That project, which first emerged in early 2020, calls for the construction of a four-story building featuring 36 units of permanent supportive housing, 35 units of low-income affordable housing, and two manager’s apartments.
The complex will include a mix of one-bedroom and two-bedroom dwellings, and will target formerly unhoused households earning up to 30 percent of the area’s median income level and low-income households earning between 40 and 50 percent of the area’s median income level.
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