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.
Will politicians and their friends get rich building this?
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