Long Beach leaders, housing developer file joint application for funding of low-income apartments

Long Beach leaders and a housing developer will jointly apply for $17.7 million in state funding in hopes of financing a housing complex for low-income residents and veterans.

Century Housing Corporation and the city will work to assemble funding to build The Beacon Apartments at 1201-1235 Long Beach Blvd., near E. Anaheim Street, to “activate a key corridor along the northe edge of downtown,” officials said in a statement Friday.

In November 2015, the Long Beach Community Investment Company approved $12 million for the project, and the grant, if approved, would pay for the rest.

The development would “help fill a critical need for affordable housing, while also removing blight and supporting our goals of neighborhood revitalization,” John Thomas, chair of the local investment company, said in a statement.

The city hopes the partnership with a private developer will improve its chances of wiing state funds. The two entities are applying for a combination of low-income housing tax credits and Affordable Housing and Sustainable Communities Program funds available from the Califoia Department of Housing and Community Development. Under the AHSC Program, low-interest loans are available as gap financing for rental housing development that include affordable housing units.

Grants are available for both infrastructure improvements and transportation amenities related to affordable housing developments.

If built, the project includes 121 one- and two-bedroom rental units that would serve extremely-low- to low-income seniors over 62; and a 39-unit supportive housing building serving extremely low-income veterans who are homeless or at risk of homelessness.

“Beacon Apartments will enhance the lives of the most vulnerable residents in our community,” Councilwoman Lena Gonzalez said in a statement. “More than impacting individual families, affordable housing developments such as Beacon Apartments benefit the entire community by promoting quality housing and livability throughout our neighborhoods.”

Plans for the development include a community room with a full kitchen, supportive services room, media room, bike storage area, laundry rooms, computer rooms, an on-site gym and approximately 7,000 square feet of retail space envisioned for eateries, cafes, and public service offices.

Contingent upon state funding, groundbreaking for the Beacon Apartments is slated for late 2017.

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