The Los Angeles City Council's Housing Committee voted yesterday to approve approximately $26.8 million in funding for a senior affordable housing development from Hollywood Community Housing Corporation.
The Gramercy Place Apartments, slated for a former city parking lot at 2375 W. Washington Boulevard, would consist of a four-story building featuring 64 one- and two-bedroom apartments with 2,900 square feet of ground-floor commercial space and basement parking for 63 vehicles.
The project will target seniors making at or below the 50 and 60 percent area median income levels, with half to be reserved for formerly homeless households. Rents for the project are set between $545 and $1,197 per month, according to a staff report to the California Tax Credit Allocation Committee.
Kevin Daly Architects is designing the low-rise structure, with a rear-facing courtyard and a rooftop deck along the northwest property line. Renderings show a breezeway slicing east-to-west through the building.
The approximately $37-million apartment complex is poised to break ground this year, according to the Hollywood Community Housing Corp. website.
The funding approved by the committee yesterday includes $22.8 million in tax-exempt bonds, as well as a $4-million loan from the city's low and moderate income housing fund. The committee vote will need to be confirmed by the full City Council.
Construction of the Gramercy Place development is anticipated to begin in May 2019 and conclude by February 2021.
- Gramercy Place Apartments (Urbanize LA)
Interested in finding affordable housing? Visit housing.lacity.org.