An affordable housing development is slated to replace a former mortuary in South Los Angeles.
The property, located at 5130 S. Broadway, is being targeted by an entity called Hope on Broadway, LP for the development of up to 43 residential units.
The project, according to a motion introduced yesterday by 9th District Councilmember Curren Price, would be funded primarily through tax-exempt bonds as well as Federal low-income housing tax credits. Price's motion would facilitate the issuance of up to $15 million in state bonds for the purpose of property acquisition and construction of the Hope on Broadway development.
The Hope and Broadway entity is linked to the Foundation for Affordable Housing, which as its name implies, is a developer of low-income housing.
The Foundation recently broke ground on a similar project - the Hope on Alvarado - which will create 84 affordable housing units out of repurposed shipping containers - and has plans for a second shipping container project near the Crenshaw/LAX Line in Hyde Park.
Interested in finding affordable housing? Visit housing.lacity.org.