Non-profit developer L.A. Family Housing wants to build a 54-unit affordable project in the North Hills neighborhood of the San Fernando Valley.
The plans for 8545 S. Sepulveda Boulevard call for a four-story building on the narrow 22,200-square-foot parcel. A single-story commercial building, which appears to be currently leased by a cabinet maker, would be demolished. The North Hollywood firm picked up the property in late 2017.
All but three units, and one managers unit, would be set aside for “low-income” families. That bracket is available to renters making roughly 80 percent of area median income. A family of three with a $75,150 annual income could qualify and a single renter with a $58,450 annual income would qualify, for example.
L.A. is in dire need of affordable units. The California Housing Partnership, a quasi-government entity that track and studies the state’s affordable housing stock, estimated earlier this year that L.A. County is short more than half a million affordable homes.
The county is home to more than 750,000 households considered low-income. Fifty-eight percent of low-income households spend more than 30 percent of monthly income on rent and around 14 percent spend more than half their monthly income to put a roof over their heads.
L.A. Family Housing is one of Los Angeles’ most active affordable developers. In April, the firm secured $16.7 million in financing from JPMorgan for a project in Florence its developing as a joint venture with the Coalition for Responsible Community Development, another one of Los Angeles’ most active affordable builders.
In February it was one of a handful of affordable firms to receive L.A. County funding for development.