Source: Daily News
Four housing projects, 727 units, break ground in San Fernando Valley Linh Tat %%item_date%% %%item_source%%
Four construction sites projected to yield more than 700 apartment units to meet the housing needs of the local workforce and low-income households have broken ground in the San Fernando Valley and are slated for completion between late 2024 and early 2025.
On Wednesday, Feb. 8, state Treasurer Fiona Ma, Los Angeles City Councilmember Bob Blumenfield and Rob Fisher, from Mayor Karen Bass’ Office of Economic Development, joined others at one of the sites, Sync on Canoga, for a groundbreaking ceremony.
The development, at 7019 Canoga Ave. in Canoga Park, will feature 220 one-bedroom apartments. It’s near the Metro G (Orange) bus line and about a half-mile from the Westfield Topanga shopping mall.
It’s one of four transit-oriented, multi-family housing communities being built by Alliant Strategic Development that, collectively, will add 727 “attainable and affordable” rental units to the Valley’s housing stock, according to Alliant’s founder and chief executive, Eddie Lorin.
Eighty percent of the units will serve what Lorin called “the missing middle” – middle-class Angelenos, including educators and first responders, who don’t qualify for affordable housing but can’t afford luxury rental units that many developers in the area are building these days.
The remaining 20% of the units, or 146 units, will be rented to low-income tenants, Lorin said. Half of the 146 will go to tenants who make just 50% of the area’s median income. The other half are reserved for households earning just 30% of the median income.
The projects come at a time when the city is facing a housing affordability crisis that many say must be addressed to prevent more people from falling into homelessness.
The other three projects underway by Alliant Strategic Development are the Pendant on Topanga, which will include 149 apartments ranging from studios to two-bedrooms on Topanga Canyon Boulevard in Canoga Park; Vose, a 332-unit project also ranging from studio to two-bedroom apartments, in Van Nuys; and Cadence at Noho, which will consist of 26 one-bedroom and two-bedroom apartments in North Hollywood.
The developments are being financed through bonds purchased by private companies and issued by the California Municipal Finance Authority and California Housing Finance Agency, according to Lorin.