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Approval for $15.8M Bond Issuance for Two World Apartments, a 96-Unit Scattered-Site Affordable Housing Project, Los Angeles, CA

  • When: 2024/09/20
  • Address: 809 West 23rd Street and 1306 South Westlake Avenue (CD 1); 8640 South Denver Avenue, 4807 Gramercy Place, 2625 South Harvard Boulevard (CD 8); 1048-54 West 42nd Street (CD 9), Los Angeles, CA
  • City: Los Angeles
  • State: CA
  • Category: Economic Development Incentives
  • Asset Class: Multifamily
  • Property Type: Affordable Housing

The Los Angeles City Council authorized a Tax Equity and Fiscal Responsibility Act of 1982 (TEFRA) hearing and approved the issuance of up to $15.8 million in bonds to finance the acquisition, development, and equipping of the Two World Apartments project. This scattered-site project includes 96 affordable multifamily housing units distributed across six locations within Council Districts 1, 8, and 9. The bond issuance will be handled by the California Statewide Communities Development Authority and will support essential housing developments across multiple sites.

Why it Matters

The Two World Apartments project addresses affordable housing needs by leveraging bond financing to create scattered-site multifamily units across multiple districts in Los Angeles. This effort supports city-wide goals for increasing housing affordability and community development.

Source

Allowed Uses: Acquisition, development, and equipping of a 96-unit multifamily affordable housing project across multiple sites.