Google Maps screenshot of Beachwood Apartments, located at 475 West Fifth Street.
Forty-four units of affordable, assisted-living housing in downtown Long Beach will be renovated by the city thanks to a resolution passed unanimously by the city council, officials announced Monday.
The Beachwood Apartments, originally constructed in 1984, features one- and two-bedroom units for families with assisted-living needs who earn less than 60 percent of the Los Angeles County median income.
In 2015, the median household income for L.A. County was $56,196, according to the United States Census Bureau. That is the latest year the information is available. According to those numbers, households would need to be earning less than about $33,000 to qualify.
The renovation project will update the building’s roof and mechanical systems and install energy saving features, dual pane windows, drought tolerant landscape and low-flow water fixtures.
“Rehabilitation is vital to protecting the availability of affordable housing in Long Beach for all of our residents,” District One Councilwoman Lena Gonzalez said. “The approval of this resolution is a testament to the City’s commitment to affordable and workforce housing and serving the needs of our diverse community.”
Beachwood Apartments, which was labeled at-risk for being converted to market-rate housing last year, was acquired by Century Housing Corporation after the city provided a $2 million Home Investment Partnerships Program loan through the Long Beach Community Investment Company.
With the City of Long Beach’s approval, the California Municipal Financial Authority (CMFA) will provide up to $15 million worth of tax exempt bonds, making Beachwood Apartments affordable for 55 more years.
“Approval of the CMFA bonds for this development ensures a vital housing need for one of the most vulnerable populations in our community,” said Amy Bodek, director of Long Beach Development Services. “Without City support of the project, affordability covenants for Beachwood Apartments would expire, putting its disabled residents at risk of being permanently displaced.”
The renovation project is predicted to create 50 jobs through construction and rehabilitation. It was not disclosed when construction will begin or how long it is expected to take.