The Los Angeles City Council approved the issuance of up to $17 million in tax-exempt Multifamily Housing Revenue Bonds for the construction of Rousseau Residences, a 52-unit affordable housing project located at 316 N Juanita Avenue. The development will consist of 51 affordable housing units and one manager's unit, financed through revenue bonds and other sources. The project is a supportive housing initiative aimed at providing stable, affordable accommodations to low-income individuals and families. The bonds will be issued as part of the city’s efforts to address housing shortages and increase affordable housing stock. The Los Angeles Housing Department facilitated the approval process, including the Tax Equity and Fiscal Responsibility Act (TEFRA) public hearing held on May 26, 2021.
This decision provides much-needed affordable housing in Los Angeles, contributing to efforts to alleviate the housing crisis. The financing through tax-exempt bonds ensures that the project remains financially viable while offering affordable rents to qualifying residents.