The Los Angeles City Council Tuesday voted to approve the issuance of bonds to fund the construction of three housing projects with 100% affordable units.
Through three motions and accompanying resolutions subject to Mayor Eric Garcetti’s approval, City Council approved the issuance of more than $86 million in Multifamily Housing Revenue Bonds.
Council members voted, 14-0, to adopt resolutions to approve:
— about $33 million in bonds for Luna Vista, L.P.’s 73-unit multifamily housing project at 8767 N. Parthenia Place, in Council District 6’s North Hills neighborhood;
— $39.6 million in bonds for Mercy Housing California 89, L.P.’s 94-unit multifamily housing project at 401-411 E. Sixth St., in downtown Los Angeles, part of Council District 14; and
— About $13.5 million in bonds for NoHo 5050 L.P.’s 40-unit multifamily housing project at 5050 Bakman Ave., in Council District 2’s North Hollywood area.
All units are designated as affordable, except for a total of four that are set aside for property managers.
Under the agreement for the issuance of multifamily housing revenue bonds, the sponsor pledged to comply with all city and Los Angeles Housing and Community Investment Department policies, according to the motions. The revenue bond program is designed to provide housing for low- and moderate-income renters.