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Long Beach awards $6 million to developers for affordable housing
Long Beach Jan 20, 2023
Downtown Long Beach. | Photo courtesy of Darkest tree/Wikimedia Commons (CC BY-SA 3.0)
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The city of Long Beach announced Friday it has awarded $6.1 million in loans overseen by its nonprofit Long Beach Community Investment Company for two firms to purchase and develop affordable rental housing for those experiencing or at risk of becoming homelessness.
“This funding and key action reflects our sense of urgency to enhance the city’s housing stock and support working families who are most in need,” Mayor Rex Richardson said in a statement. “We thank The LBCIC and these development partners who together, are helping ensure Long Beach has safe quality affordable housing that meets the needs of our community.”
According to the city, $4 million in federal funding was awarded through the Long Beach Development Services Department as a loan to Holos Communities. The North Hollywood-based nonprofit will use the funds to build affordable rental housing in a pair of Long Beach apartment buildings at 521 and 527 E. Fourth St.
City officials said the buildings will have a total of 140 one-bedroom units, with 75% of them reserved for the homeless. Construction is expected to begin in the summer of next year.
Meanwhile, a $2.1 million loan of federal grant funds was awarded to the nonprofit Jamboree Housing Corp. of Irvine, which will build a 52-unit permanent housing complex at 101 E. Pacific Coast Highway. and is expected to break ground in the summer of 2024.
According to the city, Holos Communities, formerly known as Clifford Beers Housing, has developed four other affordable housing projects in Long Beach, including Vistas del Puerto, a 48-unit apartment complex in the Midtown area. Jamboree Housing Corp., has also built projects in the city, including the Puerto del Sol development and Collage Apartments, which are located in the downtown and midtown areas.
“The LBCIC enthusiastically continues to invest in opportunities like these that have the ability to provide housing for Long Beach residents,” LBCIC Chair Mary Castro said. “These developers are valuable partners. They truly exemplify how the City remains committed to bringing people and communities together.”
Last week, the Long Beach City Council declared an emergency proclamation relating to local homelessness to strengthen the city’s preparedness and ability to respond to homelessness. The action mirrored steps taken by the city and county of Los Angeles.
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