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
Affordable Housing | Jun 27, 2023
Racial bias concerns prompt lawmakers to ask HUD to ban biometric surveillance, including facial recognition
Two members of the U.S. House of Representative have asked the Department of Housing and Urban Development to end the use of biometric technology, including facial recognition, for surveillance purposes in public housing.
Apartments | Jun 27, 2023
Average U.S. apartment rent reached all-time high in May, at $1,716
Multifamily rents continued to increase through the first half of 2023, despite challenges for the sector and continuing economic uncertainty. But job growth has remained robust and new households keep forming, creating apartment demand and ongoing rent growth. The average U.S. apartment rent reached an all-time high of $1,716 in May.
Urban Planning | Jun 15, 2023
Arizona limits housing projects in Phoenix area over groundwater supply concerns
Arizona will no longer grant certifications for new residential developments in Phoenix, it’s largest city, due to concerns over groundwater supply. The announcement indicates that the Phoenix area, currently the nation’s fastest-growing region in terms of population growth, will not be able to sustain its rapid growth because of limited freshwater resources.
Multifamily Housing | Jun 15, 2023
Alliance of Pittsburgh building owners slashes carbon emissions by 45%
The Pittsburgh 2030 District, an alliance of property owners in the Pittsburgh area, says that it has reduced carbon emissions by 44.8% below baseline. Begun in 2012 under the guidance of the Green Building Alliance (GBA), the Pittsburgh 2030 District encompasses more than 86 million sf of space within 556 buildings.
Industry Research | Jun 15, 2023
Exurbs and emerging suburbs having fastest population growth, says Cushman & Wakefield
Recently released county and metro-level population growth data by the U.S. Census Bureau shows that the fastest growing areas are found in exurbs and emerging suburbs.
Mixed-Use | Jun 6, 2023
Public-private partnerships crucial to central business district revitalization
Central Business Districts are under pressure to keep themselves relevant as they face competition from new, vibrant mixed-use neighborhoods emerging across the world’s largest cities.
Multifamily Housing | Jun 6, 2023
Minnesota expected to adopt building code that would cut energy use by 80%
Minnesota Gov. Tim Walz is expected to soon sign a bill that would change the state’s commercial building code so that new structures would use 80% less energy when compared to a 2004 baseline standard. The legislation aims for full implementation of the new code by 2036.
Multifamily Housing | Jun 1, 2023
Income-based electric bills spark debate on whether they would harm or hurt EV and heat pump adoption
Starting in 2024, the electric bills of most Californians could be based not only on how much power they use, but also on how much money they make. Those who have higher incomes would pay more; those with lower incomes would see their electric bills decline - a concept known as income-based electric bills.
Multifamily Housing | May 30, 2023
Boston’s new stretch code requires new multifamily structures to meet Passive House building requirements
Phius certifications are expected to become more common as states and cities boost green building standards. The City of Boston recently adopted Massachusetts’s so-called opt-in building code, a set of sustainability standards that goes beyond the standard state code.
Multifamily Housing | May 23, 2023
One out of three office buildings in largest U.S. cities are suitable for residential conversion
Roughly one in three office buildings in the largest U.S. cities are well suited to be converted to multifamily residential properties, according to a study by global real estate firm Avison Young. Some 6,206 buildings across 10 U.S. cities present viable opportunities for conversion to residential use.
