September 23, 2019 Comments Off on Los Angeles Plans $336M Investment for Nearly 3,000 Affordable MFs Views: 1086 California News, Los Angeles, Top California

Los Angeles Plans $336M Investment for Nearly 3,000 Affordable MFs

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Los Angeles is planning to tap into Measure HHH funds to build 2,998 apartments for homeless residents across the city. The investment of $335.8 million will come from a $1.2-billion bond voters approved in 2016 for affordable apartments.

The funding will go to developers of 38 affordable projects, who received letters of funding commitments, though they still must assemble a full financing package from lenders. The HHH funding commitments and project plans will also need to be approved by the City Council.

The city is seeking to build 10,000 units of permanent supportive housing, which includes on-site services, by 2026. So far, the total number of HHH-funded units in the pipeline stands at 8,625.

*Pictured Aedis Real Estate Group’s Hope on Hyde Park designed by KTGY

Read more at LA Curbed

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For comments, questions or concerns, please contact Dennis Kaiser

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