Yesterday, the Los Angeles City Council adopted two resolutions approving the issuance of nearly $40 million in multifamily housing revenue bonds for the development of two low-income apartment buildings in Hyde Park and Vermont Square.
The first, called the Depot at Hyde Park, would replace two buildings located at 6527-6531 S. Crenshaw Boulevard. Co-developers GTM Holdings and WORKS have obtained entitlements to raze the existing structures to make way for a five-story edifice containing 43 one-, two-, and three-bedroom apartments above a 22-car parking garage. Plans also call for on-site supportive services and open space for residents.
Lahmon Architects is designing the low-rise building, according to plans approved earlier this year by the City of Los Angeles.
WORKS and GTM Holdings are seeking $18.3 million in bond financing for the Depot development.
A similar affordable housing development is planned a short distance north at the intersection of Hyde Park and Crenshaw Boulevards. That project, called Hope on Hyde Park, would be built out of prefabricated modular units.
The second project, slated for a vacant lot at the corner of 48th Street and Normandie Avenue, is being development by Wakeland Housing & Development Corporation.
The project, called the Chesterfield Apartments, would consist of another five-story, 43-unit apartment building with a four-car garage.
Abode Communities is designing the building, which is depicted as featuring a rooftop amenity deck.
Wakeland is seeking approximately $21.7 million in bond funding for the Chesterfield development, which will cater to unsheltered seniors with chronic health conditions. A staff report to the Los Angeles City Planning Commission indicates that the apartments will be priced at the low- and very low-income affordability levels.
Wakeland is also developing a similar project at the intersection of Pico and Crenshaw Boulevards in Mid-City.
Interested in finding affordable housing? Visit housing.lacity.org.