I support the master lease program that the city has just approved. There's a good example of similar master lease efforts by PATH at a new micro-housing building in Hollywood. These are high-quality apartments with nice finishes and in-unit washers/dryers, located one block from Hollywood and Highland. The cost was about $300k per unit for the total development cost. Compare that to the $650k+ average per unit developed through LIHTC in LA. Here's a quote from the developer:
'Premiere Hollywood, located at 6752 Hawthorn Ave, was completed last January. Eight of its 69 units were originally set aside for extremely-low-income earners, to be placed through a partnership with the local advocacy group People Assisting The Homeless. The partnership worked so well that PATH now leases a total of 43 units, all of which go to tenants with housing vouchers earning below 50% of the area median income.'
I hope this program can expand to focus public resources on solutions that can house people faster and at a lower cost.
#housingsolutions #affordablehousing
Two weeks ago, the Los Angeles City Council unanimously voted to move forward with LAHSA on a master leasing program. The City’s initiative will begin in West LA, where few options exist to bring unhoused Angelenos indoors. We appreciate the City's partnership on master leasing! We must use every available solution to solve the homelessness crisis. Click the link in bio to read more.
Gorgeous building! Our client's space turned out really well in the building. Great work Sam, amazing space.