Breaking Ground For Workforce Housing In Los Angeles

A "smart growth equity fund" brings together housing and employment for middle-income households in L.A.
July 2, 2004, 1pm PDT | Deborah Myerson
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A new real estate development has just broken ground in Los Angeles---both literally and figuratively---as 165 condominium units have started going up in the Lincoln Heights neighborhood near the Avenue 26 Gold Line Metro Station, financed by the Genesis Workforce Housing Fund.

The Genesis fund, backed by banks, insurers, and pension funds, is underwriting the production of housing for households earning $50,000 to $110,000 a year to address an urgent need in L.A.'s expensive housing market. The condos, at 700 to 1,800 square feet in size, will be offered at $210,000 to $375,000. Eligible household incomes will be between 80 and 200 percent of the area median income.

Thanks to Deborah L. Myerson

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Published on Friday, June 25, 2004 in Social Investment News
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