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LOS ANGELES (CNS) - The Los Angeles City Council voted today 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.
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.