Mariposa: The Affordability Factor
With rental rates on the rise, the affordability crisis is getting real in Los Angeles—but we are pioneering solutions.
You may remember that in August 2015 we purchased a 30,000 square foot lot in Koreatown, Los Angeles. The mixed-use project has broken ground and is currently being developed for 121 units above approximately 5,000 square feet of ground floor retail space. What you many not know is that the property will include 17 affordable housing units. These units have been incorporated into the business plan and still allow us to meet our pro forma rents.
Currently, Los Angeles is not meeting its affordable housing development goals and so we are happy to do our part to help the city remain an affordable place to live. Our plans for the affordable units for this project date back to its inception in 2015 and this year the State of California is realizing the need. The state has just passed a law to help.
The law, passed on January 1, 2018 may require Los Angeles developers and other cities to allocate 10 percent of planned units for affordable housing. The state hopes that the requirement will force cities to make it a little easier for developers to construct projects that include affordable units.
For the Mariposa project, we have naturally allocated just under 10 percent for affordable housing. That’s why Globe Street (www.GlobeSt.com) sat down with our CEO, Gidi Cohen, for an exclusive interview.
Read more: http://www.globest.com/sites/kelsimareeborland/2018/02/01/how-developers-can-make-affordable-housing-work/?kw=How%20Developers%20Can%20Make%20Affordable%20Housing%20Work&et=editorial&bu=REM&cn=20180202&src=EMC-Email&pt=California&slreturn=20180114121125