The Los Angeles City Council approved two new housing developments in Hollywood and Venice last Tuesday, both to be built as “affordable and permanent supportive housing.”
Council members unanimously voted in favor of greenlighting both developments.
The Venice project, designed by architect Steven Giannetti, will consist of multiple one to three-story buildings. Of a total 98 units, a portion are reserved for low-income seniors.
Funding for the Venice development, which is to be constructed over the Thatcher Maintenance Yard in the Oxford Triangle area, includes roughly $33.4 million in tax-exempt bonds and more than $6.5 million in taxable multifamily housing revenue notes.
The Hollywood development is to be a single, five-story building constructed at La Brea and Willoughby avenues, replacing an old auto repair shop.
FSY Architects will design the building, which will include 49 low-income supportive units.
A total of $56 million was earmarked by the council for affordable housing development around the city, leaving about $23.7 million for future projects.
Construction on the Venice and Hollywood developments is expected to be completed in spring 2024.
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