Los Angeles County Approves Affordable Housing Financing as Multifamily Sales Jump 44%

Los Angeles County Supervisors have approved gap financing for an affordable housing project at 5010 E. 3rd St., Urbanize LA reported. Separately, Urbanize LA reported that an affordable housing development is slated for 5003 N. Kester Ave. in Sherman Oaks. Across the state, housing providers are also examining construction expenses, with Multifamily Dive reporting on how Standard Communities builds workforce rentals in California for under $500,000.

Those affordable and workforce housing initiatives are advancing alongside higher sales volume and flat rents in the broader apartment market. Yahoo Finance reported that Los Angeles multifamily sales jumped 44% while rents stalled at $2,428. Major property transactions are also continuing across the region, as The Real Deal reported that Broe entered the Southern California multifamily market through a $148M acquisition from Greystar.

Even as investment activity rises, tenants in lower-cost units face deteriorating building conditions. The Los Angeles Times reported that Los Angeles County's cheapest apartments are getting old fast, describing the situation as a time bomb for renters. Magzter, citing the Los Angeles Times newspaper, similarly reported that Los Angeles rentals are crumbling fast.

Home construction and financing efforts also extend to neighborhoods recovering from recent fires. Through its official newsroom, the Church of Jesus Christ of Latter-day Saints reported that the church has joined Habitat for Humanity to rebuild homes after the Palisades Fire. On the financing side, the Santa Monica Daily Press reported that Lendistry has been approved for a $100M California wildfire rebuilding program.

The state of local rentals and the pace of new construction remain central to political and civic debate in the city. HousingWire reported that YIMBY-backed Raman is seeking to beat Los Angeles Mayor Bass on housing. In local commentary, CityWatch LA argued that Los Angeles cannot fix housing until it fixes the bureaucracy that broke it, and published a separate piece examining whether the city is placing development before affordability. Meanwhile, The Architect's Newspaper reported the opening of MAK's exhibition on social housing in Vienna and Los Angeles.