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MOTION BY SUPERVISOR JANICE HAHN
Veteran Commons Project Gap Financing and Community Workforce Agreement
On August 30, 2022, the Los Angeles County (County) Board of Supervisors (Board) approved and authorized execution of the Option to Lease Agreement (Option) by and between the County, through the Los Angeles County Development Authority (LACDA), Abode Communities, a California nonprofit public benefit corporation, and Path Ventures, a California nonprofit public benefit corporation (together Developer). The Option authorized the parties to finalize the terms of a ground lease for development of the Veteran Commons project (Project) on the 2.23-acre County-owned property located at 11269 Garfield Avenue, Downey, CA 90242 (Property). The Project will include 50 units for homeless veterans, 49 units for low-income families, one manager's unit and 20,164 square feet of open space. The parties have worked together through the term of the Option and subsequent extensions to finalize the ground lease and secure all funding sources for development of the Project, including securing an award from the California Debt Limit Allocation Committee (CDLAC). The current term of the Option has been extended by the County to ensure that the Project can continue towards the start of construction.
Through LACDA's Notice of Funding Availability (NOFA) Round 27, the LACDA Board of Commissioners approved an award of $7,000,000 in Affordable Housing Trust Funds (AHTF) for development of the Project. On August 6, 2024, the Board approved an additional $9,600,000 in AHTF to enable the Developer to leverage LACDA and other funding in their CDLAC application. The supplemental funding also allowed the Developer to incorporate numerous design elements and amenities to better serve the needs of the future residents. The Developer is now requesting additional funding from LACDA to fill a funding gap of approximately $3,500,000. The funding gap is caused by a...
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