The City of Los Angeles has approved the release of approximately $20.1 million in multifamily housing revenue bonds to fund the development affordable and permanent supportive housing in East Hollywood and Sawtelle.
The first project, called the Missouri Place Apartments, will replace the former West Los Angeles Animal Shelter at 11950 W. Missouri Avenue. Plans call for the construction of a six-story building featuring 74 one-, two-, and three-bedroom apartments with a 41-car garage and amenities such as a courtyard, a fitness room, and a community room.
The approved bond funds will account for $4.68 million out of the total development cost.
Affirmed Housing Group is the developer of the second project, called the Emerson Apartments, which will rise at 4760-4766 Melrose Avenue. The proposed five-story building will include 39 residential units priced for households earning at or below 35, 50, and 60 percent of the area median income. Rents will be set at $509 per month, according to a May 2019 staff report to the California Tax Credit Allocation Committee.
Affirmed is seeking $15.5 million in bond funds for the project, which will account for more than half of its $24.1 million budget.
The property was previously in entitlements for a market-rate development which will have featured micro unit apartments and ground-floor commercial space. The property was sold last year for $3.25 million, according to data from the Los Angeles County Assessor's Office.
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