February 29, 2024 Breaking News, Latest News, and Videos

County Supervisors Delay Santa Monica Affordable Housing Vote:

The Los Angeles County Board of Supervisors was scheduled to vote last Tuesday on a tax-exempt mortgage worth $8 million to finance the acquisition of 41-unit multifamily rental housing development in Santa Monica. However, Santa Monica will have to wait until July 22 to find out what happens, as the supervisors tabled the agenda item for two weeks.

If ultimately approved, the supervisors would direct revenue bonds to the bayside city to allow the Santa Monica Rental Housing Construction Program (RHCP) to acquire a site and develop 29 two-bedroom units and 12 three-bedroom units at three separate locations: 1855 Ninth Street, 1450 14th Street, and 2006 20th Street.

Upon approval, the bonds would be issued by the Housing Authority of the County of Los Angeles (HACoLA).

The units would meet affordable housing requirements. According to County staff, eight of the 41 units would allocated to households with incomes not exceeding 50 percent of the area median income (AMI). Another 32 units would be reserved for households with incomes that do not exceed 60 percent of the AMI, County staff stated.

One unit is reserved for the on-site manager and does not include any affordability requirements, according to County staff.

The AMI would be based upon the Los Angeles-Long Beach Metropolitan Statistical Area and adjusted for household size.

County staff added the affordability requirements would remain in place for 55 years.

Los Angeles County was approached for as an alternate source of financing for the 41-unit project after the RHCP and the California Housing and Community Development Dept. determined they could no longer subsidize the three properties at a financially sustainable level beyond 2015.

The HACoLA plans to seek low-income housing tax credits from the California Tax Credit Allocation Committee (CTCAC).

Should they be issued, the bonds would be tax-exempt and assist both the County and City to financially restructure each of the three properties to maintain 41 affordable housing units.

Until 2012, City Hall regularly funded affordable housing programs with redevelopment funds. However, after Gov. Jerry Brown successfully campaigned to shut down redevelopment agencies across the state, funding for affordable housing programs in Santa Monica was almost immediately jeopardized.

The supervisors adopted a resolution in July 2013 to approve the issuance of the bonds. However, the bonds were never issued due to stalls in negotiations with the property landlord. If the supervisors vote on and approve the bonds at the July 22 meeting, then the bonds would have to be issued within the next 12 months. County staff estimated the bonds, if approved, would be issued no later than Dec. 31.

In other matters, the Board of Supervisors voted July 8 to allocate $15.5 million replace the boat docks by Burton Chace Park in Marina del Rey. By July 2016, there will reportedly be 11 total docks with 253 slips capable of accommodating larger and more modern boats as well as being compliant with the Americans with Disabilities Act.

The docks currently accommodate 330 boat slips but, according to the County, are outdated.

Also to be upgraded, according to County staff, are the boardwalk adjacent to the boat slips, the parking area, and the restrooms.

in News
Related Posts

(Video) Pro-Palestine Protest at the Beverly Wilshire Hotel

February 28, 2024

February 28, 2024

Protesters were there to protest the arrival of U.S. Representative Nancy Pelosi Counter-protesters drove by in a car. @smmirrornews Pro-Palestine...

(Video) Restaurants Replace Glass Front Doors After Late Night Robbery Spree in Del Ray

February 28, 2024

February 28, 2024

Seven restaurants and small businesses in Del Rey and Venice, including Nick the Greek and Dudley Market, were robbed. Council...

SMMUSD Appoints New Asst. Superintendent of Education Services

February 27, 2024

February 27, 2024

Dr. Williamson Will Assume Her Role on March 8, Bringing 17 Years of Education Experience In a special board meeting...

Hollywood Royalty to Shine at 96th Oscars: First Wave of Star-Studded Presenter Lineup Unveiled

February 27, 2024

February 27, 2024

Incredible Lineup of Actors and Previous Oscar Winners Announced Executive producer and showrunner Raj Kapoor, along with executive producers Molly...

Vote Smart, Vote Early: Streamlining Your 2024 Presidential Primary Experience in L.A. County

February 27, 2024

February 27, 2024

Skip the Lines and Save Time – Your Guide to Early Voting Options  In preparation for the upcoming 2024 Presidential...

Iconic Venice Beach Sculpture and Landmark to be Removed, Returned to Artist’s Property

February 27, 2024

February 27, 2024

Since the Money, Effort or Desire to Purchase the Piece Appears to Not Be There, the Artist Wants It Back...

(Video) Heartfelt candlelight vigils in Westchester and West Hollywood for Nex Benedict

February 27, 2024

February 27, 2024

The non-binary 16 year old student with Choctaw ancestry died in Owasso, Oklahoma after being beaten by three older high...

Sweet Lady Jane Sparks Hope of Return – Popular Bakery Hints at Reopening Across LA

February 27, 2024

February 27, 2024

After Abrupt Closures, Beloved Bakery Hints at a Comeback, Leaving Fans Intrigued  Sweet Lady Jane, a Los Angeles cake bakery...

Waymo’s LA Expansion Hits Roadblock: CPUC Temporarily Halts Self-Driving Company’s Plans

February 26, 2024

February 26, 2024

California Public Utilities Commission suspends Waymo’s service expansion for 120 days. California’s Public Utilities Commission (CPUC) has put a temporary...

Real Estate Giant Funds LAPD Union Fund to Sway L.A. City Council Election in March

February 26, 2024

February 26, 2024

Santa Monica Company Responsible for LA’s Largest Mass Eviction Gives $400,000 Santa Monica-based Real estate investment trust company Douglas Emmett...

Santa Monica College Unveils 2024 Spring Jazz Series Lineup

February 26, 2024

February 26, 2024

Tickets for each concert are priced at $10 and can be purchased in advance The Santa Monica College Music Department...

Downtown Wellness Center Bridges Gap Between Psychedelics and Meditation

February 26, 2024

February 26, 2024

The Center Has Partnered With Local Agencies and Gave Free Sessions to Around 500 Veterans in Two Years By Zach...

Santa Monica-Malibu Unified School District Calls Special Board of Education Meeting

February 26, 2024

February 26, 2024

SMMUSD Gathers to Address Time-Sensitive Resolutions In a press release sent on Saturday, February 24, The Santa Monica-Malibu School District...

 39th Independent Spirit Awards Celebrates Independent Cinema in Santa Monica

February 25, 2024

February 25, 2024

Santa Monica Pier Hosts Annual Awards Ceremony Amid Pro-Palestinian Protest The 39th Independent Spirit Awards ceremony, another precursor to the...

U.S. Supreme Court Refuses to Consider Landlords’ Challenge to Rent-Control Laws

February 25, 2024

February 25, 2024

New York Landlords’ Bid to Challenge Rent-Control Laws Fails The U.S. Supreme Court declined to hear a significant property rights...