A former vacant site in Boyle Heights has been developed into a mixed-use complex, providing about 76 residential units and shops on the ground floor, officials announced Tuesday.
Los Angeles Mayor Karen Bass led a celebration ceremony Tuesday morning to welcome families to their new homes at the apartment complex, known as La Veranda, alongside Metro and other elected officials.
According to officials, nearly 3,000 rental applications came in for 38 of the units, and the remaining 38 units were leased through the Los Angeles Homeless Services Authority's Coordinated Entry System.
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"We all know how bad the crisis is in our city," said Bass, who is also chair of the Metro board. "This is a beautiful example of how when you come together across different agencies, different parts of the government, the public, the private sector -- we can all work together in getting this job done."
The complex is owned and operated by Abode Communities, which has a 65- year ground lease from Metro. The transit agency owns the land and provided a discount of about $2.7 million to ensure the units were affordable for families.
La Veranda is located one quarter-mile north of the Metro E Line Soto Station. In 2021, the Metro Board of Directors established a goal of expanding Metro's housing portfolio through the Joint Development program to 10,000 units by 2031, with 5,000 of the units to be restricted at affordable rents for lower and moderate-income households.
"La Veranda is an example of how we can blend much-needed affordable housing and state-of-the-art transportation resources in one space to create dynamic economic and social sparks that can jumpstart entire neighborhoods, especially in historically underserved areas," said county Supervisor Hilda Solis, who represents Boyle Heights and is also on the Metro board.
"We are addressing the acute need of a lack of affordable housing in low- and middle-income neighborhoods and simultaneously planting the seeds for sustainable economic growth by building transit-oriented communities where people can walk from their front doors to local businesses, eateries, and transit stations that connect them to the rest of the county," Solis added.
The complex has on-property management, a children's play area, courtyards and a community room. Residents will also have access to health services, provided by St. Joseph Center.
The shops located on the ground floor plan to hire at least 50% of their workers from Boyle Heights and nearby neighborhoods, provide 70% local apprenticeships and a 22% investment in hiring transitional workers -- individuals who may be unhoused or face other challenges in securing a permanent job.
"There is no doubt the housing and services offered at La Veranda will have a lasting impact for generations to come," said Holly Benson, president and CEO of Abode Communities. "Through our partnership with Metro, we've worked to create an equitable, whole community while leveraging our greatest asset -- land."
La Veranda cost about $61.4 million to complete, and was made possible thanks to $9.12 million from Prop HHH, $17 million from the California State Department of Housing and Community Development, and $20.6 million in subsidies from the Housing Authority of the City of Los Angeles, among other sources of funding.
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