Long Beach, CA
The Long Beach City Council has unanimously approved a resolution that will enable the preservation of 44 units of affordable housing in the Downtown. The Beachwood Apartments, located at 475 W. 5th St., will be renovated to continue providing affordable housing for lower-income families with assisted-living needs.
“Rehabilitation is vital to protecting the availability of affordable housing in Long Beach for all of our residents,” said Councilwoman Lena Gonzalez. “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.”
Following the dissolution of redevelopment authorities across the state, and with limited funding availability, the City of Long Beach continues to seek out new resources to maintain and promote an array of affordable housing options that meet the needs of the diverse community.
Last year, the City, through the Long Beach Community Investment Company (LBCIC), provided a $2 million Home Investment Partnerships Program (HOME) loan to the Century Housing Corporation for the acquisition of the development. At the time, Beachwood Apartments was identified as being at risk of being converted to market rate housing. With the City Council’s approval on February 7, 2017, the California Municipal Finance Authority (CMFA) will issue up to $15 million worth of tax exempt bonds, extending the affordability of the development for 55 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.”
Constructed in 1984, Beachwood Apartments features one- and two-bedroom units for lower-income families with assisted-living needs earning less than 60 percent of the Los Angeles County Median Income. Renovation of the development will include significant updates to the building’s major systems, including mechanical and roofing improvements, and the installation of several energy efficiency features. Additional enhancements will consist of new dual pane windows, low-flow water fixtures, and drought tolerant landscaping to increase the livability and sustainability of the development.
The project is expected to provide a total of 50 jobs through the rehabilitation and construction of the development.
For more information on the City’s affordable housing and assistance programs, visit http://lbds.info and click on “Housing and Community Improvement.”