Two new affordable housing developments are on the way to DTLA, one of which underscores the struggle in making these projects pencil out for developers, despite the strong demand.
The $28.5M Broadwood Terrace consists of 89 units of subsidized and affordable apartments for seniors. The project is the last in LA funded by the federal Housing and Urban Development (HUD) department’s 202 program. In addition, the $27.2M Paloma Terrace will offer 59 units for families. Both projects at 50th and Main streets in South Park were unveiled at a groundbreaking with KFA (Killefer Flammang Architects) and Retirement Housing Foundation (RHF). Above: KFA principal Bob Timmerman; KFA project manager Allison Massett; KFA partner Wade Killefer; RHA CEO Dr. Laverne R Joseph; RHA VP of acquisitions and project development Anders Plett; and KFA project manager Dganit Shtorch.
Laverne (here with Wade) says there were more than 600 applications for Broadwood Terrace, which also is nominated for Platinum LEED certification. Wade says KFA has now worked on affordable housing for more than 5,000 people. The question remains where money will come from for more such developments, as HUD's 202 program has suffered from drastic budget cuts in the federal government. Under the program, seniors who qualify (62 years of age with income at 50% of the median area income) pay 30% of their adjusted monthly income in rent.
The focal point of Broadwood Terrace is its 5,200 SF courtyard. Other amenities include a computer room, library, gym and community room with kitchen. The one- and two-bedroom apartments include a full kitchen with appliances, living room/dining area, safety bars in bathrooms, heating/air conditioning, smoke detectors and emergency pull cords. Paloma Terrace has just begun construction.
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