Construction workers have broken ground on a 40-unit development at the southeast corner of Magnolia Avenue and Pacific Coast Highway that will cater specifically to those who are at risk for or currently experiencing homelessness.
The progress comes two years after the Long Beach Community Investment Company, the body that oversees the city of Long Beach’s affordable housing funds, voted to approve an agreement with Long Beach-based LINC Housing Corporation for the development.
Despite the pandemic, crews were recently able to start work.
“Our work has always been essential, but these challenging times raise this idea of essential to new heights,” said Rebecca Clark, LINC Housing president and CEO, in a statement. “Even with so many on our team and others working remotely, our partners at the City of Long Beach and the County of Los Angeles have remained committed to helping us get this much needed development underway by working with us to finalize the financing and obtain needed permits… We want to get this supportive housing built as quickly as possible.”
The city pitched this property at the end of 2017 as part of the Long Range Property Management Program, under which the state required all municipalities to sell their redevelopment properties as the program was dissolved during Gov. Gerry Brown’s tenure. LINC was the approved company to handle the parcels at 469 W. 17th St., 1720-1770 Magnolia Ave. and 469 W. Pacific Coast Hwy.
LINC’s proposal includes a three-story, 40-unit complex—downsized from the original 56-unit proposal in 2018—that reserves one unit for an on-site manager and the other 39—all one-bedroom units—for its future residents.
“The ground floor would feature 2,400 square feet of recreational and community-serving amenities, including ample service space for residents services staff, case managers, and supportive service programs,” read the staff report released on the project.
The development for the project is expected to be completed by 2021.
According to LINC, funding for the development comes from a variety of sources including $8.5 million from the Los Angeles County Development Authority (general funds, Mental Health Housing Program Funds, and Measure H Funds), $2 million in gap financing from the Long Beach Community Investment Company (LBCIC), a conventional loan from the California Community Reinvestment Corporation, a construction loan from Union Bank, tax credit equity from Raymond James Tax Credit Funds, Inc., and Affordable Housing Program funds from the Federal Home Loan Bank.
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