HOLLYWOOD — The Hollywood Community Housing Corporation has opened its latest housing project for low-income and formerly homeless people in the Hollywood area.
Grand opening ceremonies were held Aug. 22 for the Coronel Apartments at 1601 N. Hobart Blvd. The project is only two blocks away from the corporation’s first project, the Dunning Apartments, which were built about 30 years ago.
“The opening of Coronel Apartments, located within the East Hollywood neighborhood of my district, offers 54 units of affordable housing for low-income Angelenos,” City Councilman Mitch O’Farrell said. “I appreciate the work of HCHC and Killefer Flammang Architects because they restored a 1920s home that has a unique Pueblo-style and ensured that the entire development is environmentally sustainable. Coronel Apartments is a win-win, providing critically needed affordable housing for our residents and also maintaining the character of our neighborhood.”
Coronel Apartments has been designed to achieve Leadership in Energy and Environmental Design (LEED) certification at the Platinum level, the highest distinction awarded by the U.S. Green Building Council. Another noteworthy component of the design is how the property respects and enhances the character of the surrounding neighborhood.
According to Sarah Letts, HCHC’s executive director, “KFA’s design for Coronel Apartments turned every challenge into an opportunity. This site is unique because it bisects a city block with the east side facing the bustling Hobart Boulevard and the west side facing Serrano Avenue. KFA designed beautiful buildings that fit into both contexts. They also preserved and enhanced the Pueblo-style home so that it blends in well with new building and the historic bungalow courtyards lining Serrano Avenue.”
In terms of financing, the Hollywood Community Housing Corporation relies on both the public and private sectors to secure the funds needed to ensure that rents will remain affordable to households earning at or below 60% of area median income. The primary sources of public sector financing include a loan from the Los Angeles Housing + Community Investment Department and the State’s Infill Infrastructure Grant program.
Private sector support includes U.S. Bank’s equity investment through the low-income housing tax credit program and Bank of America’s construction and permanent loans.
“To help increase the housing supply in this community of Los Angeles, and to help close the ever-widening affordability gap, Bank of America Merrill Lynch’s Community Development Bank was pleased to work with our long-time partner, Hollywood Community Housing Corporation,” said Charmaine Atherton, senior vice president for Bank of America. “We provided $14 million in construction financing, along with a permanent loan, which will provide affordable homes for 54 families, here at the Coronel
“The notable attention to detail, blending both modern elements and cost-saving energy efficiencies while preserving historical architecture, along with close proximity to the Red Line makes this project truly stand out in the East Hollywood community,” Atherton added.
Independent Staff Report