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Prop HHH, Santa Monica Vermont

PROP HHH, Santa Monica Vermont Housing

Another #PropHHH project closes financing.

Affordable Housing. The Santa Monica & Vermont Apartments (SMV) site is located at 1021 North Vermont Avenue, in Council District 13, and will be 100% affordable housing with a total of 187 units.

All of the 185 restricted residential units will be targeted toward households at or below 50% of AMI; 94 units will be reserved as supportive housing (SH) units of which 47 units for homeless persons/families and 47 units for chronically homeless persons/families. The units will split between two buildings and will include studios, one-bedroom, two-bedroom, and three-bedroom units.

Financing structure. The total development cost for the Santa Monica Vermont project is $118,549,584. Project funding consists of $56,000,000 in tax-exempt bond funding, $12,853,767 in taxable bond funding, $24,000,000 in Prop. HHH funding, with the remainder of project funding coming from State of California’s Housing and Community Development (HCD) Affordable Housing as well as the Sustainable Communities Program (HCD AHSC), HCD Infill Infrastructure Grant Program (HCD IIG), HCD Transit-Oriented Development Housing Program (HCD TOD) loan and grant funds, and a developer loan from Genesis LA.

Transit Oriented. The project is located in the East Hollywood area, and is adjacent to the Los Angeles County Metropolitan Transportation Authority (LACMTA)’s Vermont/Santa Monica Red Line Metro station. This project will use Transit Oriented Development (TOD) grant funds for the improvements to the transit plaza.

Next steps, the “Notice to Proceed” (NTP) permit to commence construction! Estimated completion of the Santa Monica Vermont project is February 2024.

Keep up with #PropHHH progress, visit the Prop HHH Progress Report updated monthly: housing.lacity.org/housing/hhh-progress. The tracker includes interactive and downloadable data.

Prop HHH, housing the unsheltered and rebuilding lives.

By Sandra Mendoza

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