Affordable Housing in L.A. County Receives Monumental $187M Boost from State.
Los Angeles is on the verge of a housing renaissance. Exciting new housing projects are springing up in iconic neighborhoods like Downtown, South L.A., and K-Town, and the numbers are impressive: over 850 new homes are on the drawing board.
The catalyst behind this growth is the recent announcement by the California Strategic Growth Council. Just last month, they unveiled a generous allocation of $757 million through the seventh installment of their transformative initiative: the Affordable Housing and Sustainable Communities program. A special shoutout to Streetsblog for keeping the community updated on such developments!
Diving deeper into the figures, a significant chunk of this allocation – precisely $187 million – is destined for five groundbreaking projects within Los Angeles County. These projects aren’t just about numbers; they’re centered around the community’s needs. The majority of these 850 homes are deed-restricted, ensuring they remain affordable for residents in the long run.
From a broader perspective, the city has been reaping the benefits of the Affordable Housing and Sustainable Communities program for a while. The program has generously infused a staggering $494 million into the heart of Los Angeles. This mammoth sum has laid the foundation for 39 pivotal developments, resulting in a total of 4,338 spanking new housing units. And here’s the best part: over 4,000 of these homes cater to those on limited incomes, ensuring that the essence of the city remains inclusive.
Among these projects, the Crenshaw Crossing initiative emerges as a shining star. Not just in Los Angeles, but it’s the pride of the entire state. This project, a collaborative brainchild of the Watt Companies, West Angeles Community Development Corp., and the Richman Group, is all set to redefine urban living. Positioned strategically near the Expo/Crenshaw Station, on properties owned by both Metro and Los Angeles County, it’s envisioned as a mini-city of sorts. Future residents can choose from 401 modern studio, one-, and two-bedroom apartments. But it doesn’t stop there. The development promises a sprawling 22,000-square-foot grocery store for your daily needs, an additional 15,000 square feet dedicated to diverse retail options, and a robust parking space accommodating 502 vehicles.
The state is backing this vision with a fresh infusion of $49.9 million. This investment is slated to support the creation of 176 affordable homes within the Crenshaw Crossing project. Residents can also look forward to top-tier amenities, including a state-of-the-art fitness center, beautifully landscaped outdoor spaces for relaxation and recreation, and a public domain that caters to the modern Angeleno. Think 10 miles of brand-new bike lanes for the cycling enthusiasts, meticulously renovated crosswalks for pedestrian safety, and revitalized sidewalks that breathe new life into the neighborhood.
