On Tuesday, May 24, the Long Beach City Council authorized the City and a developer to jointly apply for up to $17,723,734 in state funding for affordable housing for lower-income seniors and veterans. The partnership significantly increases the chances of receiving the competitively awarded state funding.
“I want to thank the Council for moving forward with this important initiative,” said Mayor Robert Garcia. “The City must remain committed to increasing affordable housing options, especially for vulnerable populations like seniors and veterans.”
The Beacon Apartments, proposed for 1201-1235 Long Beach Blvd., would activate a key corridor along the northern edge of Downtown. The project would include 121 one- and two-bedroom rental units that would serve extremely-low- to low-income seniors over the age of 62 years; and a 39-unit supportive housing building serving extremely low-income veterans who are homeless or at risk of homelessness.
“Beacon Apartments will enhance the lives of the most vulnerable residents in our community,” said Councilwoman Lena Gonzalez. “More than impacting individual families, affordable housing developments such as Beacon Apartments benefit the entire community by promoting quality housing and livability throughout our neighborhoods.”
The transit-oriented development (TOD) would complement the nearby senior housing uses, and would be located adjacent to the Metro Blue Line light rail service and bus lines that operate along both Long Beach Boulevard and East Anaheim Street. Plans include a community room with a full kitchen, supportive services room, media room, bike storage area, laundry rooms, computer rooms, an on-site gym and approximately 7,000 square feet of retail space envisioned for eateries, cafes, and public service offices.
In November 2015, the Long Beach Community Investment Company (LBCIC) approved more than $12 million in funding for the development.
“The LBCIC is proud to invest in Beacon Apartments, a development that will help to fill a critical need for affordable housing, while also removing blight and supporting our goals of neighborhood revitalization,” said The LBCIC Chair John Thomas.
The developer, Century Housing Corporation (Century), is partnering with the City of Long Beach to assemble the remaining financing, which includes a combination of Low-Income Housing Tax Credits and Affordable Housing and Sustainable Communities Program (AHSC) funds available from the California Department of Housing and Community Development (HCD). Under the AHSC Program, low-interest loans are available as gap financing for rental housing development that include affordable housing units. In addition, grants are available for both infrastructure improvements and transportation amenities related to affordable housing developments.
Contingent upon State funding, groundbreaking for the Beacon Apartments is slated for late 2017.
For more information on the City’s affordable housing and assistance programs, visit http://lbds.info
and click on “Housing and Community Improvement.”