Approval for $6.95M Bond Issuance for Western Avenue Apartments, a 33-Unit Multifamily Housing Development at 5501 South Western Avenue, Los Angeles, CA

• When: 2024/09/20
• Address: 5501 South Western Avenue, Los Angeles, CA
• City: Los Angeles
• State: CA
• Category: Economic Development Incentives
• Asset Class: Multifamily
• Property Type: Affordable Housing

The Los Angeles City Council approved the issuance of up to $6.95 million in Multifamily Housing Revenue Bonds for the new construction of the Western Avenue Apartments. This 33-unit development, sponsored by Western Avenue Apartments Preservation, L.P., will provide affordable housing units, with one designated as a manager unit. A TEFRA public hearing was held on June 7, 2024, as part of the bond approval process.

Why it Matters

This bond issuance supports the construction of new affordable housing, contributing to the availability of housing for low-income residents in Los Angeles. It aligns with the city's efforts to address housing affordability and increase multifamily housing stock.

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