In recognition of the urgent need to provide more affordable housing units to address our region’s homelessness crisis, the Los Angeles County Board of Supervisors today approved and directed the Los Angeles County Development Authority (LACDA) to proceed with the issuance of up to $23 million of tax-exempt multifamily housing revenue bonds for the development of two affordable housing projects in the First District, including the El Monte Metro Apartments which will have 28 units, and a second project in East Los Angeles that will include 34 units.
“Offering our neighbors who are experiencing homelessness a safe and warm bed can provide them with a sense of stability that can get them get back on their feet and can put them on a path towards stable employment and permanent housing,” said Supervisor Hilda L. Solis. “Today’s action by the Board of Supervisors to approve and fund two multi-family rental housing developments in the First District will serve dozens of individuals and families for years to come. I urge all of our partners to join the County in building affordable housing units that we so desperately need.”
The El Monte Metro Apartments, which will be offered to low-income households, will be located at 3650 Center Ave. It will consist of 23 one-bedroom units, four two-bedroom units and one three-bedroom unit. LACDA has been directed to proceed with $8 million in multifamily housing revenue bonds to complete this project.
“I’m thrilled that LA County is working hard to provide our working families more low-cost housing options, and I am especially thankful to Supervisor Solis for her leadership and advocacy in ensuring all families can access an affordable home,” said El Monte Mayor Andre Quintero.
The rental housing project in East Los Angeles will also be offered to low-income households and will be located at 4101-4117 Whittier Blvd. It will consist of 13 studio units, 20 one-bedroom units and one two-bedroom units. LACDA has been directed to proceed with up to $15 million in multifamily housing revenue bonds to carry out this development.
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