Best affordable housing design for Global Awards shortlisted
LOS ANGELES: The shortlist for the best affordable housing design has been declared.
Over 250 designs have been considered by the awards secretariat. One of the finalists in this category is shown above.
Jamboree is the developer of Pelican Harbor, a 43-apartment community on Beach Boulevard for low-income and previously homeless seniors. In 2019 it borrowed about $3 million from the city for the project, which was completed in December 2024 and opened soon after.
This week’s special Tax and Equity Fiscal Responsibility Act (TEFRA) public hearing on the request was forced after the council continued the time-critical item at last week’s meeting. Jamboree stated it had to meet an Oct. 31 deadline on its construction loan to avoid consequences that could ultimately have included defaulting on the loan.
The all-conservative council carried on a spirited discussion before ultimately approving the conversion of $20 million in tax-exempt construction bonds for Pelican Harbor Apartments on a tight, 4-3 vote.
McKeon, a commercial real estate developer, said the project was already built and occupied, so nothing would be accomplished by voting no on the TEFRA request.
Williams focused on the net worth of Jamboree, noting that two top executives had a combined salary of more than $1.1 million in 2023.
“It doesn’t really feel like this is one of those nonprofits where everyone is suffering and struggling and trying to help out the needy,” he said. “It seems as though we’re taking people that are in poverty, we’ve found a way to sort of hide behind them or use them as shields on the executive side of things.”
“I reject wholeheartedly Councilmember Williams’ assertion that a ‘yes’ vote [means] that we’re doing this to line the pockets of these developers,” McKeon said. “It’s quite the contrary … A ‘yes’ vote insures that these seniors will remain in this facility. I would not do this project. We can debate the merits … [but] I don’t want to take the risk that they may default [on the loan].”
The Global Award winner will be announced in December in London. (Globals)