The LA City Council voted Tuesday to secure funding for a 100% affordable, mixed-use residential development in East Hollywood.
The $118 million project at 1021 N. Vermont Ave., near Santa Monica Boulevard, will have 94 units reserved for extremely low-income households and 91 units reserved for very low-income households. The remaining two units will be reserved for managers.
On Tuesday, the City Council authorized a $56 million tax-exempt multifamily conduit revenue bond and a $12.8 million taxable multifamily conduit revenue bond through Bank of America.
The project also received a $24 million loan through Proposition HHH, a ballot initiative passed in November 2016 to use $1.2 billion to build 10,000 units for homeless Angelenos. Additional funding is being provided by the Housing and Community Development Infill Infrastructure Grant Program and the Housing and Community Development Transit-Oriented Development Housing Program.
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Councilman Mitch O'Farrell -- in whose 13th District the project is located -- called the development "smart urban planning.''
"It places much needed housing on top of the Santa Monica and Vermont Metro station in the heart of the 13th District. It will have neighborhood-serving ground floor retail, with patio dining, and contribute to an already very vibrant pedestrian corridor,'' O'Farrell said.
The six-floor project was designed with collaboration from the Los Angeles County Metropolitan Transportation Authority and aims to improve mobility, pedestrian amenities and "reinvigorate'' East Hollywood and the Vermont/Santa Monica Red Line Metro Station transit plaza, according to a report from the Los Angeles Housing Department.
Of the 187 units, 57 will be 445-square-foot studios, 81 will be 633-square-foot one-bedroom units, 44 will be 888-square-foot two-bedroom units, and five will be 1,396-square-food three-bedroom units. Two of the two-bedroom units will be for managers. Each apartment will have a private balcony.
Residents who previously experienced homelessness will be provided with supportive housing units, which will come fully furnished with a bed, linens, desk, tables, chairs, kitchenware and bathroom necessities. They will also be provided with supportive services from Housing Works, which will have a designated office and staff onsite, according to the LAHD. Other amenities at the site include elevators and laundry rooms.