The Los Angeles City Council has approved the issuance of Multifamily Housing Revenue Bonds in an amount not to exceed $25,730,000 to finance the new construction of the West Third Apartments project. Located at 1900-1906 West 3rd Street in Council District 1, the project will consist of a 137-unit multifamily housing development, including 136 affordable housing units and one manager unit. The approval follows the results of a Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) public hearing held on June 7, 2024, and is contingent upon compliance with all City and Los Angeles Housing Department (LAHD) bond policies.
This project is vital for addressing the affordable housing shortage in Los Angeles, providing 136 units for low-income families. The use of tax-exempt bonds to finance this development highlights the city's commitment to utilizing innovative financing mechanisms to meet its housing goals.