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Slew of affordable housing in works BROADWAY — An old nursing home that’s been put out of commission sits quietly on a corner here, mostly shielded from the public’s eye through a chain-link fence that’s covered in a green mesh canvas. Some might view the former facility as an eyesore, with boarded up windows and outdated white awnings, but the corner of 26th Street and Broadway will someday be home to one of 11 new affordable housing projects that are expected to come online in the city within the next few years. The projects together involve about 286 units, roughly 115 of which will be constructed through new developments and with the remaining being directly impacted through various rehabilitation projects of existing apartments that have been acquired over the past year by Community Corporation of Santa Monica. The majority of the projects will receive some sort of financing from City Hall and the Redevelopment Agency, which in 2008 negotiated a line of credit up to $75 million with Bank of America to accelerate such development, helping city officials realize goals of preserving and increasing the local affordable housing stock in an area with a high cost of living. “I think most Santa Monicans share the goal of maintaining our diversity and affordable housing goes a long way toward doing that,” Mayor Ken Genser said. “We have a very active program of assisting with financing of affordable housing projects and each one of these makes it possible for more families, more individuals and families to live in safe and decent housing in a wonderful community.” More than half of the projects involve rehabilitation of properties recently purchased by CCSM, the largest local developer of affordable housing that just recently celebrated the grand opening of 47 new family units at Berkeley Place. The rehab developments will be located at 1513 Centinela Ave., 750-752 Marine St., 844 Lincoln Blvd., 1438 25th St., 914 Fourth St., and 2029-2031 20th St. They range in cost from $3.1 million to $6.4 million for rehabilitation and site acquisition, the most expensive being a 16-unit apartment building at 914 Fourth St., which will receive a new roof, windows, and electrical and plumbing upgrades. The units for the rehabbed buildings will be available for prospective tenants whose income eligibility is at or below 80 percent of area median income, which is about $62,000 for a family of four, while the rents will range from $628 to $897 a month. Continue » |
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