The 130-unit apartment complex at 1274 N. Crescent Heights Boulevard will receive $6 million in upgrades to convert it into housing for “middle-income” workers and families.
Standard Communities and Faring recently acquired the building through the California Statewide Communities Development Authority’s (CSCDA) Workforce Housing Program, which allowed them to buy it through tax-exempt bonds on the condition that the units be reserved for households earning between 80 and 120 percent of the area median income.
This type of arrangement “ensures that middle-income families and essential workers can afford to live in a high-quality transit-oriented and mixed-use property, close to their work and many neighborhood amenities,” Standard Communities told the LA Business Journal.
Here’s a new idea for Wehoville, why don’t you report real stories, with real research and complete information, instead of headlines and vague descriptions of the topic. In this case, what is “Middle Income Housing”? Who would qualify as middle income, how would this benefit the community?
As this story is presented, one needs to read the Peanut Gallery, to try to find out more information, which only provides amusing comments at best.
Yes Comrade !
What “MIddle Income”? Nothing for Seniors, again. Especially those living on just Social Security? Landlords are running amuck! Buildings are not being kept in good condition, and no one at City Hall seems to care.
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I dont understand. There’s already an apartment building there with “middle income” tenants. What is the point?
So all of the people who currently call this place “HOME” are kicked out???? If so, this is PATHETIC!!!
A potential Ellis Act workaround using “cash for keys”?
No that isn’t how this program works. The tenants will be replaced once the units become vacant through move outs, not tenants being kicked out.
Ok then, this scenario also doesn’t make sense as it could take decades for it to have the desired effect to provide housing to medium income workers so only the developer wins through tax exemptions and who knows what other incentives. Also, who will monitor the tenants income for this program and how long do the owners have to commit to keeping it for these workers only? It sounds very shady.
It’s not shady. This is a newer program that’s been used in multiple cities. Feel free to Google how the program works.