The Los Angeles County Board Of Supervisors Provides $43.8M Loan For Affordable Housing Developments

The asset involved in this transaction is a development site located at 725 North Spring Street, 1047-1057 Crescent Heights Boulevard, and 4615 Slauson Avenue within the Los Angeles, West Hollywood, and Whittier markets. The Los Angeles County Board of Supervisors approved a loan amounting to $43,800,000 to support these affordable housing projects, which contribute to the development of 687 units for seniors, families, and homeless residents.

Summary of transaction details:

• Property Type: Development Site
• Transaction Amount: $43,800,000
• Lender: The Los Angeles County Board of Supervisors
• Landlord: Jennifer Hark Dietz - PATH Ventures; West Hollywood Community Housing Corporation; Venice Community Housing; Tara Barauskas - Community Corporation of Santa Monica; Rebecca Clark - Linc Housing; National CORE; Prima Development
• Total Project Costs: $562,000,000
• Funding Allocations: $14,000,000 for New High Village in Chinatown; $10,000,000 for PATH Villas Windsor Hills; $3,000,000 for Venice Dell; additional allocations for senior and supportive housing in West Hollywood and Whittier

Key individuals involved in this transaction include Jennifer Hark Dietz, representing multiple housing organizations; Tara Barauskas, representing the Community Corporation of Santa Monica; and Rebecca Clark, representing Linc Housing along with National CORE and Prima Development. These stakeholders are integral to the development efforts aimed at creating affordable housing solutions across the targeted areas.