On Sept. 27, Little Tokyo Service Center (LTSC), developer and community nonprofit, announced the closing of construction financing for an affordable shared housing pilot project at 823 Cleveland St. in Los Angeles’ Chinatown.
This development will bring much-needed affordable housing to the neighborhood, representing a significant step forward in LTSC’s vision of bringing inclusive living opportunities to low-income communities across L.A.
The 823 Cleveland Shared Housing Project involves the new construction of a five-story multifamily apartment building. The shared housing model will feature nine suites of five or six bedrooms with private bathrooms and access to a shared kitchen and living area, totaling 53 units of housing. There will be one level of subterranean parking.
Notably, this 100% affordable project does not rely on public funds, making LTSC one of the pioneering organizations to adopt this innovative pilot model. The project is funded through a variety of private sources, including funds earmarked for shared and alternative affordable housing projects.
The vacant 823 Cleveland site was purchased with ready-to-issue permits for new construction using funding facilitated by the Affordable Housing Initiative (AHI), a special purpose fund created by the United Way of Greater Los Angeles and Genesis L.A. Funding sources include the California Community Foundation (CCF), Apple, and Genesis L.A., manager of the AHI, showcasing strong support from prominent organizations committed to addressing the housing crisis.
By introducing affordable, non-market rate co-living, the project aims to innovate creative ways to build affordable housing in the context of existing neighborhoods. LTSC continues to prioritize community-driven development through relationships with several Chinatown organizations to ensure the project’s success.
“LTSC looks forward to bringing a new model of permanently affordable and supportive housing to Chinatown alongside our longstanding community partners,” said Debbie Chen, LTSC real estate director. “We hope this development will be the first of many to be built with these novel financing methods for 100% deeply affordable housing, and we thank our funders for their vision and confidence in this pilot.”
“For too long, our affordable housing system has largely depended on one way of designing, building, and financing affordable housing,” said Tom DeSimone, preesident and CEO of Genesis L.A. “Housing produced through this system takes too long, costs too much, and cannot produce enough housing. The 823 Cleveland Shared Housing Project continues Genesis L.A.’s commitment to testing new models and diversifying the pathways to new housing production in Los Angeles.”
“Little Tokyo Service Center’s 823 Cleveland Shared Housing Project demonstrates how CCF’s donor advised fund holders are leveraging our programmatic expertise to make innovative investments and find creative solutions to address our affordable housing crisis,” said Antonia Hernández, president and CEO of the California Community Foundation.
“CCF and our donors are committed to ensuring that low-income communities across Los Angeles have access to affordable housing,” said Paula Valle, director of marketing and communications at California Community Foundation.
823 Cleveland has already made significant progress, with all necessary funds secured and an experienced development team ready to bring the vision to life. With a groundbreaking ceremony in the works, this transformative housing project is slated for completion by the end of 2024.
LTSC is a social service and community development organization that has been creating positive change for the people and places in Southern California for 40 years. Starting with its home in Little Tokyo, LTSC preserves and strengthens the unique ethnic communities of the region where people, culture and collective future matter. www.LTSC.org