Introduction to 100% Affordable Housing
The Hollywood Studio District could be getting a new housing development comprising 100 percent affordable housing.
HVN Development filed an application with the Los Angeles Department of City Planning for 67 units of affordable housing at 5655 West Lexington Avenue, according to the application filed with the city.
Developer and Site Details
The Irvine-based firm, which specializes in apartment and housing projects, applied for a five-story residential development on a 15,000-square-foot site owned by Calabasas-based Veloce Enterprise.
Plans call for demolition of the two 3,244-square-foot, single-family homes and a garage that occupy the site near the corner of Lexington Avenue and Wilton Place.
Affordable Housing Incentive Program
The developer wants approval to increase the floor area ratio and height of the project, and reduce the open space by 82 percent to 1,541 square feet via a density bonus program, the Affordable Housing Incentive Program. The program is part of Los Angeles’ Citywide Housing Incentive Program, adopted in February to encourage the production of affordable housing citywide.
Of the 67 apartments, units would be available to extremely low-income to moderate-income households, records indicate. In L.A. County, those incomes range from $31,850 to $89,550 for one person.
Site Ownership and Purchase
Veloce bought the site — two neighboring lots at 5655 and 5657 West Lexington — in January 2018 for $956,000, property records indicate.
Veloce is led by Tomer Simonov, co-founder and CEO of MyLighthouse.co, a commercial real estate automation platform. He didn’t respond to requests for comment.
Other Developments in the Area
Also tapping government incentives in Hollywood is an affiliate of Los Angeles-based Avenue Homes. The firm filed an application with City Planning in June for 49 one- and two-bedroom apartments at 6144 North Hazelhurst Avenue. The narrow slip of land is located one block west of Lankershim Boulevard.
In North Hollywood, HVN Development filed plans in March for a five-story building at 5151 Denny Avenue with 80 two-bedroom apartments. The development would open to moderate-, low- and very low-income households in exchange for density bonus incentives.
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Conclusion
The proposed development in the Hollywood Studio District is a step towards addressing the affordable housing crisis in Los Angeles. With 100% of the units designated for affordable housing, this project has the potential to make a significant impact on the community. The use of government incentives and density bonus programs is a key factor in making this project a reality.
FAQs
Q: How many units of affordable housing are proposed for the development?
A: 67 units of affordable housing are proposed for the development.
Q: What is the income range for the households that will be eligible for the affordable housing units?
A: The income range for the households that will be eligible for the affordable housing units is from $31,850 to $89,550 for one person.
Q: What is the Affordable Housing Incentive Program?
A: The Affordable Housing Incentive Program is a part of Los Angeles’ Citywide Housing Incentive Program, adopted in February to encourage the production of affordable housing citywide.
Q: Who is the owner of the site where the development is proposed?
A: The site is owned by Calabasas-based Veloce Enterprise.
Q: What is the expected completion date of the project?
A: The expected completion date of the project is not specified in the article.
