Fleet Financing

Non-profit organization plans to build 160-unit affordable housing project by 2025 • Long Beach Post News

The project was proposed by the Skid Row Housing Trust, a Los Angeles-based nonprofit that has been in existence for over 30 years with 20 similar projects in the works, but it is the only one of its kind in Long Beach. The project site is located at 1401 Boulevard Long Beach. and was titled “Union” by the Housing Trust.

The Union could add 160 studio, 1, 2 and 3 bedroom units, 20 units reserved for homeless veterans and the remainder being workforce housing for some of the lower income households. .

Sierra Atilano, director of real estate for Skid Row Housing Trust, said the project could start as early as the first quarter of 2023 and is expected to take around two years.

The $ 80 million project is a significant addition to the city which has seen rising rents for years, Atilano said. She also worked on the market-rate urban village project which opened in 2015 a few blocks south of where the Union could be built and said projected rents had increased by 25% before. the completion of the project.

“What we thought we were going to rent and what we rented has gone up by the same amount,” said Atilano.

In addition to providing homes for homeless veterans, Atilano said the project targets the “missing middle” of the housing market to provide affordable options for very low and low income households.

For Los Angeles County, that covers a family of four with household income between $ 33,800 and $ 90,100, according to the most recent data from the Department of Housing and Community Development.

“There were a lot of people who were kicked out of Long Beach and we’re hoping this project will bring them back or allow them to stay in Long Beach,” Atilano said.

In addition to the 20 ongoing projects, the Skid Row Housing Trust operates 26 affordable and supportive housing sites in Los Angeles County.

It is likely that this project will require a lottery to determine which applicants will end up living there if the project is completed. Atilano said previous projects the trust completed had to use a lottery system, a project with more than 6,000 applicants for just 36 units.

Long Beach City Council is expected to agree on Tuesday to sign the request for $ 30 million in state housing development funds in partnership with the Skid Row Housing Trust to increase the chances of the housing trust getting funding.

The majority of the funding, $ 20 million, would go towards financing the project while $ 10 million would go to improving the surrounding public infrastructure.

The Pacific Coast Highway could be connected to Ocean Boulevard by a bicycle path, as well as improvements to the Metro Blue Line station and other landscaping and pedestrian developments would be made with the funds. It could also bring three new electric buses to the Long Beach Transit fleet.

A memo from the city said a compensation agreement would remove any responsibility for the city to repay the grant if the project is not completed.

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