Standard Communities, a prominent developer and investor in affordable and workforce housing, has led a public-private partnership to acquire six 100% affordable housing communities in Los Angeles County, Calif. These Section 8 communities total 407 units, and five of the communities are dedicated to senior living.
The developer will extend the communities’ affordability by 20 years under new HUD Housing Assistance Payments contracts. With a total capitalization of approximately $122 million, including $8 million planned for renovations, these communities—built between 1969 and 1980—address the pressing need for affordable housing options in the county.
Jeffrey Jaeger, Co-Founder and Principal of Standard Communities, emphasized the far-reaching impact of this initiative. "Extending the affordability of all 407 apartment units isn't just a matter of housing, it's a commitment to sustaining the heart of our community," said Jaeger. "We are not only ensuring that seniors and families have an affordable place to call home, we're also nurturing the vibrant social and economic fabric of Los Angeles County."
Standard Communities Secures 407 Affordable Housing Units
These newly acquired affordable properties include five senior living communities and one family affordable housing community. Oxford Park, Rayen Park, Sherman Arms, Villa Marisol, and Columbus Terrace are the senior communities located in Los Angeles; Villa San Dimas is the 50-unit family community in San Dimas, Calif.
This investment brings Standard's portfolio in Los Angeles County to over 1,700 units.
The acquisition was made possible through a partnership with the non-profit Pacific Southwest Development Corporation. Christopher Cruz, Managing Director of Essential Housing at Standard Communities, highlights the significance of public-private collaboration to address the county's affordable housing needs.
"Our partnership with HUD and Pacific Southwest Development on this transaction allows us to preserve hundreds of affordable homes across Los Angeles County," he said.
Related Stories
MFPRO+ News | Mar 16, 2024
Multifamily rents stable heading into spring 2024
National asking multifamily rents posted their first increase in over seven months in February. The average U.S. asking rent rose $1 to $1,713 in February 2024, up 0.6% year-over-year.
Adaptive Reuse | Mar 15, 2024
San Francisco voters approve tax break for office-to-residential conversions
San Francisco voters recently approved a ballot measure to offer tax breaks to developers who convert commercial buildings to residential use. The tax break applies to conversions of up to 5 million sf of commercial space through 2030.
Affordable Housing | Mar 12, 2024
An all-electric affordable housing project in Southern California offers 48 apartments plus community spaces
In Santa Monica, Calif., Brunson Terrace is an all-electric, 100% affordable housing project that’s over eight times more energy efficient than similar buildings, according to architect Brooks + Scarpa. Located across the street from Santa Monica College, the net zero building has been certified LEED Platinum.
MFPRO+ News | Mar 12, 2024
Multifamily housing starts and permitting activity drop 10% year-over-year
The past year saw over 1.4 million new homes added to the national housing inventory. Despite the 4% growth in units, both the number of new homes under construction and the number of permits dropped year-over-year.
Affordable Housing | Mar 11, 2024
Los Angeles’s streamlined approval policies leading to boom in affordable housing plans
Since December 2022, Los Angeles’s planning department has received plans for more than 13,770 affordable units. The number of units put in the approval pipeline in roughly one year is just below the total number of affordable units approved in Los Angeles in 2020, 2021, and 2022 combined.
MFPRO+ News | Mar 1, 2024
Housing affordability, speed of construction are top of mind for multifamily architecture and construction firms
The 2023 Multifamily Giants get creative to solve the affordability crisis, while helping their developer clients build faster and more economically.
Multifamily Housing | Feb 29, 2024
Manny Gonzalez, FAIA, inducted into Best in American Living Awards Hall of Fame
Manny Gonzalez, FAIA, has been inducted into the BALA Hall of Fame.
MFPRO+ Research | Feb 28, 2024
New download: BD+C's 2023 Multifamily Amenities report
New research from Building Design+Construction and Multifamily Pro+ highlights the 127 top amenities that developers, property owners, architects, contractors, and builders are providing in today’s apartment, condominium, student housing, and senior living communities.
Affordable Housing | Feb 26, 2024
Biden-Harris Administration announces historic homelessness assistance funding
The Biden-Harris Administration allocation of $3.16 billion in homelessness assistance funding will be administered by the U.S. Department of Housing and Urban Development through the Continuum of Care Program.
Building Tech | Feb 20, 2024
Construction method featuring LEGO-like bricks wins global innovation award
A new construction method featuring LEGO-like bricks made from a renewable composite material took first place for building innovations at the 2024 JEC Composites Innovation Awards in Paris, France.
