Calif. Realtors announce affordable housing project
In a demonstration of its commitment in advocating for affordable workforce housing in California, the California Association of Realtors (C.A.R.) is exploring the redevelopment of the site of its Los Angeles headquarters to build affordable workforce rental and for sale housing.
The association is proposing the development of up to 181 residential units, which would include rental and for sale units at affordable workforce housing rates, according to a release from the organization.
Affordable units would be available to individuals and families earning 60 percent to 150 percent of the area’s median income. Additionally, 20 percent of the units would be allocated to veterans earning 50 percent or less of the area’s median income.
“California’s housing affordability is at crisis levels, and CAR wants to actively create new affordable rental and ownership housing opportunities for those who need it the most, such as our veterans, nurses, firefighters, teachers, police and other public servants,” CAR President Steve White said. “We’ve decided to take this bold step by serving as a model for other similar projects throughout the state and providing a pathway to the American dream.”
The association hopes to achieve a “green building” Leadership in Energy and Environmental Design (LEED) certification for the project, said Richard J. Rosenthal, CAR past president and chair of the Pathway to Homeownership project.
In the Koreatown area, the project also includes an office facility to accommodate the association’s Los Angeles headquarters.
The association’s board of directors approved a predevelopment plan for the project in early May. A proposal to move forward with the development will go before the board in October.